Mart Resources, Inc.: May 2012 Operational Update
- Umusadege field production averaged 10,613 barrels of oil per day ("bopd") during May 2012, with average field production based on production days of 11,834 bopd.
- Umusadege field net deliveries into export storage tanks were approximately 329,000 barrels of oil ("bbls") during May 2012.
Press Release: Mart Resources, Inc. – 7 hours ago
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CALGARY, ALBERTA--(Marketwire - June 14, 2012) - Mart Resources, Inc. ( MMT.V) ("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.
May 2012 Production Update
Umusadege field production during the month of May 2012 averaged 10,613 bopd. Umusadege field downtime during May 2012 was 3.2 days, mainly due to shut downs required to install a new metering system at the Agip flow station. The average field production based on producing days was 11,834 bopd. Average daily production in May 2012 was slightly lower than in April 2012 due to reduced export pipeline capacity allocated to the Umusadege field. Total crude oil deliveries into the export storage tanks from the Umusadege field for the month of May, adjusted for estimated pipeline losses, were approximately 329,000 bbls.
UMU-10 Well Update
It is currently anticipated that the UMU-10 well will be spudded in the next week. 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.
Mart Presenting at Two International Oil and Gas Conferences
Wade Cherwayko, Chairman and CEO of Mart, was and will be a presenter at two international oil and gas conferences this week. The location and details of the conferences are listed below and also posted on Mart's web site under Events.
1. June 12, 2012 - Paris Oil Council, Paris, France:
oilcouncil.com
2. June 14, 2012 - Oil & Gas Finance Forum, New York, USA:
minellc.com
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.
INVESTOR RELATIONS:
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
Dan Glass
Email: inquiries@martresources.com
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 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Contact:
London, England office
Mart Resources, Inc.
Wade Cherwayko
+44 207 351 7937
Wade@martresources.com
Investor Relations
Mart Resources, Inc.
Toll free 1-888-875-7485
www.martresources.com |
