CALGARY, ALBERTA–(Marketwired – June 5, 2014) – RMP Energy Inc. (“RMP” or the “Company“) (TSX:RMP) is pleased to report and announce the following:
Annual and Special Meeting Voting Results
The Company held its annual and special meeting of shareholders (the “Meeting“) in Calgary on June 5, 2014. A total of approximately 77,525,750 common shares (approximately 64.5% of the outstanding common shares) were represented at the Meeting in person or by proxy. At the Meeting, shareholders approved the election of seven nominees as directors of RMP to serve until the next annual meeting of shareholders or until their successors are elected or appointed, with common shares represented at the Meeting voting by way of ballot in favour of the individual nominees as follows:
|Doug N. Baker||97.73%||John A. Brussa||85.17%||John W. Ferguson||97.03%|
|Andrew L. Hogg||98.20%||James M. Saunders||89.94%||Craig W. Stewart||96.21%|
|Lloyd C. Swift||98.16%|
At the Meeting, shareholders also approved the grant of unallocated stock options under the Company’s stock option plan until June 5, 2017 as well as amendments to the stock option plan, as described in the information circular for the Meeting. The resolution to approve these matters was passed by 93.35% of the common shares represented at the Meeting voting by way of ballot.
Increased Bank Lines
RMP is pleased to report that based on the annual review of the borrowing base associated with the Company’s committed, extendible revolving bank credit facility, the two-bank lending syndicate (the “Lenders“) has increased the borrowing limit of its credit facilities to $175 million from $160 million. The borrowing limit represents the maximum amount that can be borrowed by RMP and is primarily based on the Lender’s assessment and analysis of the Company’s proved oil and gas reserves, RMP’s results of operations, and the Lenders forecasted commodity prices. The next borrowing base re-determination is scheduled for November 2014. RMP has approximately $113 million of bank debt presently drawn.