RMP ENERGY INC T.RMP

Disposition Closed

[radcat]

 

RMP Energy Announces Successful Closing of Transformational Asset Disposition

 

CALGARY, Alberta, Oct. 17, 2017 (GLOBE NEWSWIRE) -- RMP Energy Inc. ("RMP" or the "Company") (TSX:RMP) is pleased to announce that it has completed its previously-announced strategic asset disposition (the “Transaction”) to Tangle Creek Energy Ltd. (“Tangle Creek”).  After closing adjustments, consideration received by RMP under the Transaction totaled approximately $78.1 million, comprised of approximately $69.1 million in cash and $9.0 million in Tangle Creek common shares.

With the closing of the Transaction, the Company is now a geographically and geologically focused Montney producer at Elmworth in West Central Alberta, with strong financial capitalization to continue with the delineation and development of its extensive Montney acreage position. Details of the Company’s 2018 capital budget plans, along with an update on its recent Elmworth operations, is expected to be provided on or about October 24, 2017.  In conjunction with the closing of the Transaction, the Company will change its corporate name to "Iron Bridge Resources Inc.". The name change is expected to become effective within thirty (30) days following today's date. The ticker symbol "IBR" has been reserved by the Toronto Stock Exchange for the Company's use following the name change becoming effective.

For additional information about the Company, investors and shareholders are also encouraged to review the Company's latest corporate presentation which is posted on the Company's website at www.rmpenergyinc.com.

For more information, please contact:
RMP ENERGY INC.
Rob Colcleugh		Dean Bernhard
Chief Executive Officer		Vice President, Finance and Chief Financial Officer
[phone]		[phone]
[e-mail]		[e-mail]

[BigFishy]

Tangle Creek was obviously the buyer. So they change their name and everyone is supposed to forget their past disasters. For someone who is in this situation I find it disgusting they think they absolve themselves by a name change. Think about how much wasted cash a name change costs. All new marketing, vehicles, rebranding, listing change etc. Got to be a pile of wasted cash. And Dean got himself

[ditchdigger251]

One wonders if Iron Bridge isn't referring to wells, pipelines and facilities that's going to realize value from their Elmworth Montney lands.  Now with the balance sheet cleaned up and core assets simplified the team's now focused on executing to prove up potential, increase production and preserve land holdings.  You're right, BF, that the IBR dream team has to execute.

[ditchdigger251]

I meant to say "between reservoir and sales" near the end of my last post.