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RMP Energy to Change Name; Talks Q3 Results, Winter Drilling Plans

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   |    Monday,November 27,2017

RMP Energy has announced its Q3 2017 activity as well as plans to change its name.

Name Change

The Company is changing its corporate name to Iron Bridge Resources Inc.

• The name change is expected to become effective on or before November 17, 2017. The ticker symbol “IBR” has been reserved by the Toronto Stock Exchange for the Company’s use following the name change becoming effective.

Q3 Highlights:

- Elmworth Well Result: The Elmworth 15-23 Montney oil well is currently flowing at 1,180 boe/d (based on field estimates, consisting of 270 bbls/d of light sweet oil, 4.4 MMcf/d of natural gas sales, and 180 bbls/d of NGLs). This well has a significantly shorter lateral section than our other wells or our future planned wells. Normalizing for length and frac stages, this well is representative of the excellent economics that are being displayed in the Montney light oil window at Elmworth.

- Winter Drilling Plans: The Company’s Board of Directors has approved a capital expenditures program of approximately $25 million, to be invested at its Elmworth asset base for this upcoming winter drilling season.

• The Company plans to drill a total of five (5.0 net) wells this winter season with two of the wells to be completed and tied into the 2-23 Facility prior to spring break-up and two to be drilled but not completed until later in 2018. The fifth well is a water injection well that is expected to spud in early-November.