RMP Drills Completes Ninth Horizontal Well, Provides Test Results

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RMP Energy recently announced the highest test rate of any of well at their Waskahigan oil play in the Montney formation of Alberta – 1,863 barrels of oil equivalent per day (boe/d). Two other wells produced 1,413 boe/d and 434 boe/d.

The company now has eight wells that have been completed and tested in the Waskahigan, and a ninth is expected to be tested shortly. RMP now has a total of 14 wells drilled in the Waskahigan area. During September of this year, Waskahigan produced about 925 boe/d for the company, according to a release.

According to RMP, the company's average daily production is supposed to increase 8 percent during Q3 2011 to reach 3,400 bboe/d, up from 3,143 boe/d in Q2. Natural gas liquids and light oils and expected to constitute 24 percent of this production, and natural gas is expected to account for 76 percent.

RMP Energy Inc. closed at C$2.10 on October 17 and hit a 52-week high/low of C$2.82 and C1.25, respectively.