Corporate Production Update
Field estimated average daily production for the first two months of 2013 was approximately 6,600 boe/d, weighted 50% light oil, 3% NGLs and 47% natural gas, which reflects the second Ante Creek oil well coming on-stream during the first week of February. On February 28, 2013, a segment of the Peace Pipeline crude oil system downstream of RMP's Waskahigan battery experienced an unscheduled outage, impacting the oil volumes delivered by the Company. The pipeline operator has indicated that they anticipate the line to resume operating service on or about March 15, 2013. RMP has been mitigating the impact of this outage through oil trucking from both its Waskahigan and Ante Creek oil batteries. The Company remains on-track to achieve its fiscal 2013 guided average daily production target of 6,000 to 6,500 boe/d.
Waskahigan Operations Update
In the first quarter of this year, RMP drilled three (3.0 net) Waskahigan Montney horizontal oil wells (two infill and one step-out). The wells were successfully completed with production test results as expected. All three wells have been tied into the Company's field infrastructure and are awaiting resumption of the Peace Pipeline service in order to commence production flow.
Overall, the Company has drilled a total of thirty (30.0 net) Montney horizontal oil wells at Waskahigan with 100% success. RMP continues to expand and foster critical mass with its Montney light oil resource project at Waskahigan. The Company's acreage position at Waskahigan encompasses 37 contiguous sections at 100% working interest providing for a future light oil drilling inventory of approximately 120 locations.
RMP has recently expanded the oil processing capability at its 100% company-owned Waskahigan oil battery. This expansion is expected to facilitate the oil handling and processing of future production additions at Waskahigan, provide for the handling of third-party volumes and will allow the Company to truck oil from Ante Creek to the facility at its operational discretion.
Ante Creek Operations Update
At Ante Creek, RMP continues to experience drilling success with the Montney formation. Thus far this year, the Company has drilled and completed an additional two horizontal wells (2.0 net) located at 13-27-66-24W5 and 5-35-66-24W5.
The 13-27 well was recently flow-tested and over the forty-two hour flow back clean-up, the well recovered all of the fluid used for fracture stimulation. During the final twenty-four hours of the new oil production test, the well produced approximately 1,150 bbls/d of 35 degree API crude oil and approximately 3.0 MMcf/d of associated solution gas for a total of approximately 1,650 boe/d at a strong average flowing tubing wellhead pressure of 1,000 psi. Please refer to important Reader Advisories at the end of this news release.
The 5-35 well was also recently completed and is presently undertaking new oil production flow test operations. Prior to snubbing out the frac string to put in-place production tubing, the 5-35 well recovered all of its frac fluid during the forty-six hour flow back clean-up. Over the next 14 hour new oil production flow test, the 5-35 well test rate was approximately 2,000 bbls/d of 35 degree API crude oil and 2.6 MMcf/d of associated solution gas, corresponding to a daily average of approximately 2,400 boe/d at an average flowing tubing wellhead pressure of 760 psi. Please refer to important Reader Advisories at the end of this news release.
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