MMT Mart Resources

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 report encouraging
initial test results from the first and second of four planned production tests
on the UMU-6 well located in the Umusadege field.


The first test on the UMU-6 well was conducted on the XVII oil zone, which is
the deepest zone to be tested at 8,618 feet with 10 feet of oil pay. During the
test, the well flowed at stabilized rates up to 3,102 barrels per day of 42.5
API gravity oil through 3 1/2 inch tubing on a 26/64 inch choke at a flowing
tubing pressure of 575 PSI. Water production was less than 0.2% and the gas/oil
ratio was approximately 51 standard cubic feet per barrel.


The second test was conducted on the XVI (b), a 20 foot oil zone, which flowed
at stabilized rates up to 3,433 barrels per day of 40 API gravity oil through 3
1/2 inch tubing on a 22/64 inch choke at a flowing tubing pressure of 610 PSI.
Water production averaged 0.3% and the gas/oil ratio was approximately 60
standard cubic feet per barrel.


The two additional zones to be tested are the XIII (b) with 23 feet of oil pay
and the XIII (a) with 18 feet of oil pay. Further updates will be provided on
these zones following completion of testing.


All of the UMU-6 well's primary objectives, including the XIII, XIV, XV and XVI
sands were hydrocarbon bearing with preliminary results indicating gross oil pay
of 40 feet, 24 feet, 6 feet and 18 feet from these sands respectively. A deeper
XVII sand was also encountered with initial results indicating 8 feet of gross
oil pay. The XIII, XIV, XV, XVI and XVII sands have not previously been assigned
reserves in the Company's most recent NI 51-101 reserve report. The Company
plans to update its reserve report once the current testing program of the four
zones in the UMU-6 well has been completed.


ABOUT MART RESOURCES:

Mart Resources Inc. is an independent, international petroleum company focused
on drilling, developing and producing oil and gas from low-risk proven petroleum
properties in Nigeria, West Africa. The Company is currently producing and
developing the Umusadege field along with Midwestern Oil and Gas Company Plc
(the Operator of the field) and SunTrust Oil Company Limited. Mart also owns two
land drilling rigs, has strong local relationships and experience and is
evaluating additional proven undeveloped opportunities in Nigeria.


Forward Looking Statements

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, statements concerning the timing of the testing of the UMU-6
well, the future results or success of such testing operations, the ability of
the Company to successfully complete and commercially produce, transport and
sell oil from the UMU-6 well (or any one or more of the hydrocarbon sands
identified by the UMU-6 well), the ability of the Company to successfully drill
other wells on the Umusadege field and the ability to of the Company to fund
future drilling operations should all be viewed as forward-looking statements.
Flow rates established during initial tests are preliminary only, are not
necessarily indicative of future production rates and may change materially as
the UMU-6 well stabilizes. The flow rates in zones tested is not necessarily
indicative that other zones will be productive, including zones where
preliminary results indicate that the sands were hydrocarbon bearing. In
addition to the foregoing, certain factors can affect the ability of the Company
to deliver oil that may be produced and can cause production shutdowns. These
can include planned maintenance programs or unpredictable and unplanned external
factors such as accidental or deliberate damage to pipelines and other
facilities upon which the Company is reliant. When such disruptions occur, it
may not possible to predict how long such disruptions may last or how long a
shutdown may occur.


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.

Mart Resources (TSXV:MMT)
Historical Stock Chart
From Jun 2024 to Jul 2024

Mart Resources (TSXV:MMT)
Historical Stock Chart
From Jul 2023 to Jul 2024