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.