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RMP ENERGY INC T.RMP

"Iron Bridge Resources Inc, formerly RMP Energy Inc is a crude oil and natural gas company engaged in the exploration for, development and production of natural gas, crude oil and natural gas liquids in Western Canada."


TSX:RMP - Post by User

Post by ditchdigger251on Nov 21, 2016 3:43pm
270 Views
Post# 25491567

Blackbird Energy Montney

Blackbird Energy MontneyHere's something to give some food for thought:

https://www.blackbirdenergyinc.com/assets/docs/bbi_investor_presentation_november_2016.pdf

Blackbird's now trading at ~$0.60/share with 790MM shares fully diluted (RMP has 151MM shares).  They have ~$36MM working capital and 87.25 sections of liquids rich Montney a few townships NW of RMP's 78 sections of Gold Creek holdings. 

Blackbird appears to only have 3 Montney Hz's in the ground and the wells appear to be sour - which is a not so insignificant factor that adds operational headaches and costs.  They have 6.3MMCFD of firm capacity and process their gas through the Gold Creek gas plant.  Their 100/2-20 well used a CO2 foam frac (72 stages over 2040m HZ length @ 31 tonnes/stage or 1.1 tonnes/meter).  This achieved 641 bbls/d of liquids and 6.8MMCFD of gas flowing at 8 MPa casing pressure.  A VERY Cadillac completion using pure CO2 as the energizer which is quite difficult to cleanup (not to mention tubular corrosion issues).

What's my point in showing this?  Blackbird's story when it's compared against RMP's the comparison isn't by any means that much different but BBI is trading at $0.60 with 5x as many shares for only their sour Elmworth Montney.  There's more left to compare - Infrastructure growth/bottlenecks, ease of drilling development pads, well completion strategy, D&C cost efficiency, etc.  But for a high level look if the current value for Blackbird is to be believed one has to wonder what RMP should be worth for both soon to be producing Gold Creek AND already producing Waskahigan Montney assets.


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