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RMP Energy announces Gold Creek drilling results

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Oilfield Technology,

RMP Energy Inc. has provided drilling and completion results from its Gold Creek exploration well. RMP's strategy during this period of low commodity prices has been to maintain a strong balance sheet while adding to the Company's exploration and development inventory. The Company has strategically shifted its capital allocation towards asset expansion and enhancement of long-term growth prospects while temporarily scaling-back its pace of drilling and moderating near-term production growth objectives.

In 1Q16, RMP completed an exploration well (3-22-68-03W6), with flow test results confirming the existence of a Montney oil pool. The cost incurred to drill and complete this 100% working interest well was approximately US$4.3 million. The 3-22 exploration well was drilled to a total measured distance of 4233 m at a true vertical depth of 2197 m.

Completion operations encompassed a 25 stage, 1250 t, 31 000 bbl hybrid slick-water fracture stimulation (average 50 t/stage). Initial flow-back results have demonstrated the Montney reservoir to be oil bearing and gas charged, providing geological confidence on the prospectivity of the Montney formation in the Gold Creek area. The 3-22 well clean-up and production flow test was for an aggregate 118 hour period (approximately 5 days), truncated due to regulatory gas flaring limitations. During this period, the 3-22 well achieved a maximum flow rate of 600 bbls/d of light oil and 7.5 million ft3/d of gas. During the production flow test of 35 hours, through smaller-diameter production tubing, the 3-22 well flowed an average of 200 bbls/d of light oil and 4.4 million ft3/d of gas, for an oil equivalent rate of 930 boe/d. At the end of the production test, the 3-22 well flowed and tested at approximately 300 bbls/d of 40 degree API crude oil and 5.0 million ft3/d of associated sweet solution gas for a total of 1130 boe/d with a final bottom hole flowing pressure of approximately 17 000 kPa. Additionally, the expected NGL yield on the raw solution gas is approximately 20 bbls/million ft3. After the flow test, the well was shut-in and the reservoir pressure was extrapolated to be 20 500 kPa, which indicates a normally-pressured Montney reservoir. Please refer to important Reader Advisories at the end of this news release.

RMP plans to install an 11 km gathering line, connecting the 3-22 well to an existing multi-well battery facility and compressor station. The 3-22 well tie-in operation, which requires frozen surface ground conditions, will be undertaken this winter with the well anticipated to be on-stream in early-2017. Preliminary estimated total proved plus probable reserves resulting from the successful completion of the 3-22 well, based on the Company's internal evaluation prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities, aggregate to approximately 3.1 million boe (including 900 Mbbls of light oil), effective 1 May 2016. The internally-estimated reserves include the 3-22 well as a proved developed non-producing well in addition to four (4.0 net) undrilled offset well locations (two proved undeveloped and two probable undeveloped).

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