BRIEF-RMO Energy says FY 2016 production projected to average about 8,500 BOE/D

Thu Aug 4, 2016 5:52pm EDT
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Aug 4 (Reuters) - Rmp Energy Inc

* Rmp energy provides a bank facility and operations update and announces a strategic review

* Says its two-bank syndicate group has completed its borrowing base re-determination review of rmp's revolving bank credit facility

* Borrowing base re-determined with total conforming commitment amount of $120 million with a scheduled step-down to $100 million at oct 31, 2016

* Engaged financial advisors to assist company to evaluate, develop and recommend one or more strategic initiatives necessary

* Says updated net asset value is estimated at approximately $2.70 per share, as at june 30, 2016

* Fiscal 2016 production is projected to average about 8,500 boe/d which is about 7% lower than previously-guided fiscal 2016 production

* Expects to fund 2016 planned capital expenditures with march 2016 equity financing and forecasted funds from operations

* Company re-affirms its fiscal 2016 capital expenditures budget of approximately $50 million Source text for Eikon: Further company coverage: