Mart Resources, Inc.: Pipeline Disruptions Resolved and Production from Umusadege Field Resumes
-Umusadege field production and deliveries into the export pipeline resumed on December 21, 2012.
-Factors affecting the export pipeline and export terminal that caused temporary shutdown of Umusadege field production have been resolved.
Press Release: Mart Resources, Inc. – 6 hours ago
finance.yahoo.com
CALGARY, ALBERTA--(Marketwire - Dec 24, 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 providing the following update on Umusadege field production operations.
Umusadege Production Resumes
Due to an ongoing shutdown of the export pipeline that started on October 30, 2012, there had been no production from the Umusadege field in November 2012 through December 20, 2012. Nigerian Agip Oil Company ("AGIP"), the pipeline operator, has advised that repairs to the export pipeline have been completed, and production from the Umusadege field and other fields in the area (collectively the "Cluster") began on a test basis early on December 21, 2012. Production and deliveries into the export pipeline from the Cluster are expected to be increased to normal levels over the next several days.
AGIP has also lifted its previous declaration of force majeure on loadings at the Brass River Export Terminal. The most recent shipment of crude oil produced from the Umusadege field occurred at the beginning of November 2012, with a shipment of crude oil produced in October 2012 of 320,000 barrels of oil.
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 or Timea Carlsen
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 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. This cautionary statement expressly qualifies the forward-looking statements contained herein.
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.
Contact:
Mart Resources, Inc. - London, England
Wade Cherwayko/Dmitri Tsvetkov
+44 207 351 7937
Wade@martresources.com
dmitri.tsvetkov@martresources.com
Mart Resources, Inc.
Investor Relations
1-888-875-7485
www.martresources.com |
