RMP Energy Co.

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
38MM
Description

Purchased light oil assets located in its core areas of Ante Creek and Waskahigan in West Central Alberta, Calgary.

RMP Energy Makes $38 Million Purchase Of Alberta Acreage

RMP Energy Inc. TSX:RMP) is laying out $38 million in cash to buy complementary Montney light oil assets located in its core areas of Ante Creek and Waskahigan in West Central Alberta, Calgary, the company announced Oct. 21.

The acquisition enables RMP to consolidate its working interest and obtain operatorship on key undeveloped lands at Ante Creek, as well as add new undeveloped acreage at Waskahigan where the company has technical acumen with the Triassic-age Montney reservoir formation.

Alberta, Calgary-based RMP is buying a total of 25.75 gross sections (19.875 net) of land, in addition to 300 barrels of oil equivalent of current production (weighted 60% towards light oil), and 1,000 barrels of oil equivalent of gross proved plus probable reserves.

As part of the deal, RMP is acquiring a partner's 50% working interest that the company does not currently own in an 11.75 section land block at Ante Creek, and a 100% working interest in 14 sections contiguous to the northern portion of the company's lands in Waskahigan.

The acquisition is expected to close on Nov. 1, 2013.