Mart Resources, Inc.: UMU-9 Well Update- Initial Flow Test Results
March 15 2012 - 9:15AM
Marketwired
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 (together
"the Co-venturers") are pleased to announce the initial flow rate
test results for the UMU-9 well and an update on February 2012
Umusadege field production.
UMU-9 Well Test Results
As previously announced, the UMU-9 well encountered gross
hydrocarbon pay of 430 feet from nineteen oil sands and one gas
sand. Five of the UMU-9 sands have now been perforated and
completed. The first extended flow test has been conducted on the
46-foot thick XIV sand at a stabilized rate of 4,240 bopd.
During the test of the XIV sand, the well flowed 43.3 API
gravity oil through 3 1/2 inch tubing on a 32/64 inch choke at a
flowing tubing pressure of 480 psi. Basic sediment and water
(BS&W) was 0.2 % with a gas/oil ratio of approximately 90
standard cubic feet per barrel.
Three UMU-9 well tests remain including the co-mingled testing
of the XIIIa and XIIIb sands via the 3 1/2 inch tubing, followed by
individual testing of the XIIa and X sands via the 2 7/8 inch
tubing.
Further updates will be provided on these remaining targeted
sands once testing has been completed and results are
available.
February 2012 Production Update
Umusadege field production based on producing days during the
month of February averaged 11,229 bopd. Umusadege field downtime
during the month was approximately 6.5 days, primarily due to
technical problems at third party export pipeline facilities. The
average oil delivered to export storage tanks averaged 8,728
bopd.
Wade Cherwayko, CEO of Mart Resources stated: "Mart and its
partners are pleased and encouraged with the initial flow test
results from the UMU-9 well which demonstrate that the exceptional
reservoir and oil quality of the Umusadege field extend further
than the area previously assigned, and we are looking forward to
receiving results from testing the remaining perforated sands in
the coming weeks."
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 relation's specialists for all corporate updates and
investor inquiries:
FronTier Consulting Ltd.
Mart toll free # 1-888-875-7485
Attn: Sam Grier or Caleb Gilani
Email: inquiries@martresources.com
Except where expressly stated otherwise, all production figures
set out in this press release, including 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, there is no assurance that the Company will be
able to successfully test the XIII(), XIII(b), XII(a) or X sands or
commercially produce, transport or sell oil from the UMU-9 well (or
any one or more of the sands identified by the UMU-9 well).
Statements (express or implied) concerning the allocation of export
and pipeline capacity to the Umusadege field from thir 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 no 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.
Contacts: Mart Resources, Inc. - London, England Wade Cherwayko
+44 207 351 7937Wade@martresources.com Mart Resources, Inc.
Investor Relations Toll Free: 1-888-875-7485
www.martresources.com