RMP Energy Provides Second Quarter 2012 Financial and Operating Results
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1 NEWS RELEASE August 9, 2012 RMP Energy Provides Second Quarter 2012 Financial and Operating Results Calgary, Alberta RMP Energy Inc. ( RMP or the Company ) (TSX:RMP) today provided its financial and operating results for the three months ended June 30, For the second quarter, RMP reported cash flow from operations of $9.6 million ($0.10 per fully-diluted share) on revenue of $17.0 million and average daily production of 4,763 barrels of oil equivalent with a light oil and natural gas liquids weighting of 40%. Detailed financial and operating highlights are as follows: Financial Highlights Three Months Ended June 30, Six Months Ended June 30, (thousands except share and per boe data) % % (6:1 oil equivalent conversion) Change Change Petroleum and natural gas revenue (1) 16,971 10, ,145 18, Cash flow from operations (2) 9,644 4, ,960 8, Per share - basic and diluted Net income (loss) 2,678 (8,236) (133) 5, Per share - basic and diluted 0.03 (0.11) (127) E&D capital expenditures 18,308 7, ,224 21, Total capital expenditures 17,686 41,924 (58) 36,668 55,997 (35) Net debt (3) - period end 63,295 12, ,295 12, Weighted average basic shares 96,834,196 76,147, ,741,441 70,995, Weighted average diluted shares 96,834,196 76,147, ,741,441 70,995, Issued and outstanding shares (4) 98,190,855 84,258, ,190,855 84,258, Operating Highlights Average daily production: Natural gas (Mcf/d) 17,178 15, ,519 13, Liquids (Oil and NGLs) (bbls/d) 1, , Oil equivalent (boe/d) 4,763 3, ,895 2, Average sales price (1) : Natural gas ($/Mcf) (49) (45) Liquids (Oil and NGLs) ($/bbl) (12) (3) Oil equivalent ($/boe) Operating expenses ($/boe) (32) (22) Operating netback (5) ($/boe) Wells drilled: gross (net) 2 (1.4) 1 (1.0) (6.4) 6 (4.8) 17 Notes: (1) Petroleum and natural gas revenue and pricing includes realized hedging gains or losses from commodity contract settlements. (2) Cash flow from operations or operating cash flow does not have any standardized meaning prescribed by International Financial Reporting Standards ( IFRS ). Please refer to the Reader Advisories within. (3) Net debt is not a recognized measure under IFRS. Please refer to the Reader Advisories within. (4) As of August 9, 2012, common shares outstanding were 98.2 million. (5) Operating netback is not a recognized measure under IFRS. Please refer to the Reader Advisories within.
2 Second Quarter 2012 Financial Commentary Second quarter production averaged 4,763 boe/d, with a light oil and NGLs composition of 40%, as compared to an average output level of 3,143 boe/d with a 20% liquids weighting in the second quarter of Production from the Company s Kaybob field was disrupted during the months of May and June 2012 due to a longer-than-planned maintenance turnaround at a mid-stream-operated gas plant. Additionally, early and prolonged wet spring break-up surface conditions delayed well completion and pump workover operations at Waskahigan. In the second quarter, the Company incurred net exploration and development capital expenditures of $18.3 million, including the $8.5 million acquisition of a 70% working interest in sections (8.6 net) of contiguous undeveloped land, strategically located to the south east of RMP s existing Waskahigan light oil asset base in West Central Alberta. On June 11, 2012, the Company closed the minor disposition of its non-core, low margin Gordondale property for $870 thousand. Disposed production approximated 50 boe/d (60% natural gas weighted) with field operating costs of approximately $45/boe and associated decommissioning and abandonment obligations of approximately $1.0 million. Petroleum and natural gas revenue for the second quarter amounted to $17.0 million (including a realized oil hedging gain of $311 thousand), of which 81% was derived from crude oil and NGL sales. The Company s basis discount differential to the C$-converted WTI price was high when compared to historical differentials averaging $15.58/bbl for the quarter, as compared to $15.35/bbl in the first quarter of 2012 and $0.33/bbl in the fourth quarter of Current month discount differentials are approximately $10/bbl for its crude oil. Operating expenses on a boe basis decreased 32% to $7.12/boe in the quarter, as compared to the per-unit field expenses of $10.53/boe in the second quarter of RMP reported cash flow from operations of $9.6 million ($0.10 per share) for the three months ended June 30, 2012, an increase of 114% (67% per share) from the cash flow from operations for the second quarter of As a result of the Company s ongoing successful transition to an oil-weighted producer, internal cash flow generating capabilities have increased significantly. Field operating netbacks for the second quarter of 2012 were $26.69/boe, as compared to the $20.19/boe in the second quarter of Net debt as of June 30, 2012 was $63.3 million, representing a leverage ratio of 1.6 times annualized second quarter operating cash flow. Effective May 11, 2012, the Company s borrowing limit under its bank credit facility was increased to $90.0 million, facilitating additional financial flexibility and liquidity. RMP is committed to maintaining its strong financial position through continued vigilance on commodity prices and internal cash flow generation in relation to capital investment plans for the balance of this year. Currently drawn bank debt is approximately $62.3 million. Pro forma bank debt, adjusted for the net proceeds from the July 30 th announced $10 million flow-through financing, is approximately $53.1 million, (1.4 times annualized second quarter operating cash flow). On June 20, 2012, the Company closed a $2.5 million flow-through common share private placement in respect of Canadian development expenses ( CDE ), pursuant to which 1.54 million shares were issued at $1.62 per share. RMP Energy Inc. 2
3 Subsequent to the quarter-end, on July 30 th, the Company announced that it entered into a bought-deal equity financing involving the issuance of 4,445,000 flow-through common shares in respect of Canadian exploration expenditures ( CEE ) at a price of $2.25 per share for gross proceeds of approximately $10 million. Closing is expected to occur on or about August 21, This financing is strategic in nature as it provides RMP with funding to advance its oil-directed exploration drilling activities in the Montney formation on some of its recently-acquired lands. Second Quarter 2012 Operations Update Waskahigan, West Central Alberta With typical spring break-up conditions, field drilling and completion activities were muted in the second quarter. The Company drilled a 100% working interest horizontal oil well ( W5) and successfully completed a first-quarter drilled horizontal well (1.0 net) during the second quarter ( W5). In the first half of this year, RMP has drilled a total of six (6.0 net) horizontal wells at Waskahigan and recently drilled its seventh well of the year in July Pad drilling is providing cost efficiencies for drilling and fracture stimulation. Additionally, lower industry demand for services has resulted in lower costs for drilling rigs and pressure pumping equipment. The Company has established a core Montney light oil project at Waskahigan, which has the size and scale to drive significant future production and cash flow growth. In this area, RMP has amassed a light oil drilling inventory of approximately 190 locations, with an average working interest of 94%. RMP s execution of its development drilling program, infrastructure construction and operating cost optimization initiatives have been very successful at Waskahigan. Since the corporate restructuring in May 2011, the Company has drilled sixteen (16.0 net) Waskahigan horizontal wells with 100% success. Operating costs for the second quarter were $5.40/boe at Waskahigan, a substantial decrease from the operating costs of approximately $12/boe in With start-up in mid-april 2012 of the Company s water disposal well, field operating costs at Waskahigan are expected to continue to decline. Production results to-date from the Waskahigan field are encouraging. Since bringing on-stream the W5 discovery well in June 2010, RMP has produced and recovered a total of 573 thousand barrels of light oil from the Montney reservoir from a total of twenty (20.0 net) horizontal oil wells (through to June 30, 2012). Field output is tracking the Company s internal type curve expectations, which model an expected ultimate recovery ( EUR ) for each well of approximately 160,000 barrels of light oil (220,000 boe). In the second quarter, the Company kicked-off expansion plans for its Waskahigan oil battery, which will on completion increase oil handling capacity to approximately 6,000 bbls/d from the current capacity of 2,500 bbls/d. RMP s decision to expand its infrastructure at Waskahigan will allow for the: i) future handling of the Company s expanded production base, ii) processing of RMP s trucked-in Ante Creek oil production, and iii) the accommodation of third-party volumes from area operators of which the Company has been receiving numerous capacity enquiries. Battery expansion is anticipated to be fully-completed in the fourth quarter of this year. RMP Energy Inc. 3
4 Ante Creek, West Central Alberta On August 3, 2012, the Company brought on-stream its wholly-owned W5 Montney oil well at Ante Creek. The well recently produced flush production at a restricted rate of approximately 1,300 bbls/d of light oil, or 1,400 boe/d including associated solution gas which is been conserved and processed at an area operator s gas plant. RMP is excited with the resource potential of its six section land block at Ante Creek and its five sections in South Ante Creek. The Company anticipates drilling a second 100% working interest horizontal well by the end of the year off the existing surface lease pad for the 4-35 well and potentially an exploration well on the South Ante Creek acreage. At Ante Creek, the Company has identified an additional 23 drilling locations at 100% working interest, and with success with its exploration location, significantly more locations could be added to the Company s drilling inventory in this area. The Company s interim condensed consolidated financial statements and associated Management s Discussion and Analysis ( MD&A ) for the three and six months ended June 30, 2012 is available on RMP s website at within Investors under Financials. Additionally, these documents will be filed by the close of business today, on the Company s profile on the System for Electronic Document Analysis and Retrieval ( SEDAR ). These documents can be retrieved electronically from the SEDAR system by accessing RMP s public filings under Search for Public Company Documents within the Search Database module at For more information, please contact: RMP ENERGY INC. John Ferguson Dean Bernhard President and Chief Executive Officer Vice President, Finance and Chief Financial Officer (403) (403) john.ferguson@rmpenergyinc.com dean.bernhard@rmpenergyinc.com Abbreviations bbl barrel Mcf/d thousand cubic feet per day Mbbl thousand barrels MMcf/d million cubic feet per day bbls/d barrels per day Bcf billion cubic feet boe barrels of oil equivalent psi pounds per square inch Mboe thousand barrels of oil equivalent kpa kilopascals boe/d barrels of oil equivalent per day WTI West Texas Intermediate NGLs natural gas liquids C$ Canadian dollars Reader Advisories Any references in this news release to initial and/or final raw test or production rates and/or "flush" production rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will commence production and decline thereafter. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company. RMP Energy Inc. 4
5 The information in this news release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as seek, anticipate, budget, plan, continue, estimate, approximate, expect, may, will, project, predict, potential, targeting, intend, could, might, should, believe, would and similar expressions. More particularly and without limitation, this new release contains forward looking information relating to: Waskahigan and Ante Creek area drilling inventory, the ongoing transition of RMP to an oil-weighted production company, operating expense reductions, forward market pricing discount for the Company s Waskahigan crude oil grade, Waskahigan well type curve EUR, expected closing of its CEE flow-through financing, pro forma bank indebtedness, the timing of the Company s Waskahigan oil battery expansion, and drilling plans for the Company s Ante Creek area. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company s control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry ; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. The Company s actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that the Company will derive from them. The Company s forward-looking statements are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements. In this news release RMP has adopted a standard for converting thousands of cubic feet ("mcf") of natural gas to barrels of oil equivalent ( boe ) of 6 mcf:1 boe. Use of boes may be misleading, particularly if used in isolation. The boe rate is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different than the energy equivalency of the 6:1 conversion ratio, utilizing the 6:1 conversion ratio may be misleading as an indication of value. As an indicator of the Company s performance, the term cash flow from operations or operating cash flow contained within this news release should not be considered as an alternative to, or more meaningful than, cash flow from operating, financing or investing activities, as determined in accordance with International Financial Reporting Standards ( IFRS ). This term is not a recognized measure, does not have a standardized meaning nor is it a financial measure under IFRS. Cash flow from operations is widely accepted as a financial indicator of an exploration and production company s ability to generate cash which is used to internally fund exploration and development activities and to service debt. This measure is widely used by shareholders and investors in the valuation, comparison and investment recommendations of companies within the natural gas and crude oil exploration and production industry. Cash flow from operations, as disclosed within this news release, represents cash flow from operating activities before: expensed corporate acquisition-related costs, decommissioning obligation cash expenditures and changes in non-cash working capital from operating activities. The Company presents cash flow from operations per share whereby per share amounts are calculated consistent with the calculation of earnings per share. Net debt refers to outstanding bank debt plus working capital deficit or less any working capital surplus (excludes current unrealized amounts pertaining to risk management commodity contracts). Net debt is not a recognized measure under IFRS and does not have a standardized meaning. Operating netbacks refers to realized wellhead revenue less royalties, operating expenses and transportation costs per barrel of oil equivalent ( boe ). Operating netback is not a recognized measure under IFRS and does not have a standardized meaning. RMP Energy Inc. 5
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