- Umusadege field production averaged 12,176 barrels of oil per day ("bopd") during March based on production days - Umusadege field net deliveries into export storage tanks were approximately 351,400 barrels of oil during March - Development drilling program continues with rig move to UMU-10
CALGARY, ALBERTA--(Marketwire - April 11, 2012) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited are pleased to provide an update on Umusadege field production and drilling operations.
March 2012 Production Update
Umusadege field production during the month of March averaged 12,176 bopd based on production days. Umusadege field downtime during March 2012 was less than one day. Total crude oil deliveries into the export storage tanks from the Umusadege field for the month of March, adjusted for estimated pipeline losses, were approximately 351,400 barrels.
Following the successful completion of the UMU-9 well tests, which resulted in a combined stabilized flow rate of 11,718 bopd from the five sands tested, drilling operations are now moving to UMU-10. The NRG 201 drilling rig is skidding to the UMU-10 well slot on the current drilling pad. The primary objectives of the UMU-10 well will be the oil-bearing sands identified in the 8 1/2 inch deviated hole section of the UMU-9 well.
Qua Ibo Field Termination
Mart also announces that it has entered into an agreement pursuant to which Mart and Network Exploration & Production Nigeria Limited have amicably terminated Mart's participating interest in the Qua Ibo field. Under the terms of the agreement, Network has assumed responsibility for outstanding liabilities of approximately USD $3.2 million for the Qua Ibo field and has also paid Mart a USD $1.0 million termination fee.
Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Investors are also welcome to contact one of the following investor relations specialists for all corporate updates and investor inquiries:
FronTier Consulting Ltd.
Mart toll free # 1-888-875-7485
Attn: Sam Grier or Caleb Gilani
Note: Except where expressly stated otherwise, all production figures set out in this press release, including barrels of oil per day ("bopd"), reflect gross Umusadege field production rather than production attributable to Mart. Mart's share of total gross production before taxes and royalties from the Umusadege field fluctuates between 82.5% (before capital cost recovery) and 50% (after capital cost recovery).
Forward Looking Statements and Risks
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, past production levels and crude oil deliveries are not necessarily indicative of future production levels and crude oil deliveries. In addition, statements (express or implied) concerning the allocation of export and pipeline capacity to the Umusadege field from the third party pipeline owners, should be viewed as forward looking statements. There is no assurance that the UMU-10 well will be spud when indicated or that such well will be successfully drilled. There is no assurance of an eastern extension to the Umusadege field or any other hydrocarbon bearing structures further east on the Umusadege license area.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.