UPDATE: RMP Energy Down 1% After Cutting Capital Budget in 2012 to $75 Million
RMP Energy Inc. (RMP.TO) opened up to $$2.29 but has now turned negative, moving 1% lower to $2.19 from the $2.22 Friday close, after announcing earlier today that it has set a 2012 capital budget of $75 million for exploration and development investments, as compared to an estimated $109 million of E&D capital expenditures in 2011.
The company said the focus of the 2012 capital budget will be the continued delineation and development of the 100%-owned, Montney light oil resource play at Waskahigan in West Central Alberta.
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