Mart Resources Inc.: UMU-6 Well Tests at a Combined Rate of 14,319 Barrels Oil Per Day
December 17 2010 - 7:00AM
Marketwired Canada
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 final test
results from the four production tests completed on the UMU-6 well located in
the Umusadege field in Nigeria.
The UMU-6 well flowed at a stabilized combined cumulative rate of 14,319 barrels
of oil per day ("bopd") from the four sands tested on choke sizes ranging
between 22/64 to 32/64 inches. The API gravity ranged from 40 to 42.5 degrees
with flowing tubing pressures between 410 and 610 PSI. Water production ranged
between 0.1% to 1.3% and the gas/oil ratio ranged from 51 to 122 standard cubic
feet per barrel.
The first and second tests flowed at stabilized rates of 3,102 bopd (from the
XVII sand) and 3,433 bopd (from the XVI (b) sand) as previously announced.
The third test was conducted on the XIII (b) sand, a 23 foot oil zone, which
flowed at stabilized rates of 4,179 bopd of 41.0 API gravity oil through 3 1/2
inch tubing on a 32/64 inch choke at a flowing tubing pressure of 542 PSI. Water
production averaged 1.3% and the gas/oil ratio was approximately 122 standard
cubic feet per barrel.
The fourth test was conducted on the XIII (a) sand, an 18 foot oil zone, which
flowed at stabilized rates of 3,605 bopd of 40.0 API gravity oil through 2 7/8
inch tubing on a 32/64 inch choke at a flowing tubing pressure of 410 PSI. Water
production averaged 0.1% and the gas/oil ratio was approximately 105 standard
cubic feet per barrel.
These four sands tested have not previously been assigned reserves in the
Company's most recent NI 51-101 reserve report. The Company's independent
engineers have commenced updating the Umusadege reserves estimates. Their report
will incorporate the results from the four sands tested (the XVII, XVI (b), XIII
(b) and XIII (a) sands) and will also include review of the preliminary findings
on the XIV and XV sands which were also identified as hydrocarbon bearing in the
UMU-6 well.
The table below summaries the test results from each of the sands:
----------------------------------------------------------------------------
Stabilized Choke Size
Sand Feet BOPD API Gravity (inches)
----------------------------------------------------------------------------
XVII 10 3,102 42.5 26/64
XVI (b) 20 3,433 40.5 22/64
XIII (b) 23 4,179 40.3 32/64
XIII (a) 18 3,605 40.0 32/64
----------------------------------------------------------------------------
Total 14,319
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Water Gas/Oil ratio
Sand Pressure (PSI) Production (scf/barrel)
----------------------------------------------------------------------------
XVII 575 0.2% 51
XVI (b) 610 0.3% 60
XIII (b) 542 1.3% 122
XIII (a) 410 0.1% 105
----------------------------------------------------------------------------
Total
----------------------------------------------------------------------------
Further production testing is currently underway on the four sands including
co-mingling to determine the optimum flowing conditions and rates. Once the
final testing is completed, the UMU-6 well will be placed on production.
Chairman's Comment:
Wade Cherwayko, Chairman of Mart Resources Inc, said "The success of the UMU-6
well tests in four new zones is a significant event for Mart, Midwestern and
Suntrust. The substantial stabilized flow rates encountered from these sands
confirm the existence of additional reserves in the Umusadege field. An update
to the Company's reserve report is underway by our independent engineers and we
look forward to announcing their findings once the new reserve report is
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.
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