Mart Resources, Inc.: Combined Test Rate From UMU-8 Well 7,661 Barrels Oil Per Day
October 11 2011 - 9:02AM
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 are
pleased to provide an operational update on the Umusadege field,
onshore Nigeria.
UMU-8 Well Update
Extended testing on the UMU-8 well was conducted on the XIIb
sand, a 26 foot oil zone, which flowed at a stabilized rate of
2,316 barrels oil per day ("bopd") of 40 API gravity oil through 3
1/2 inch tubing on a 32/64 inch choke at a flowing tubing pressure
of 120 psi. Basic sediment and water ("BS&W") was 0%. The
combined test rate from zones XIIa, XIIb and XV in the UMU-8 well
is 7,661 bopd.
Well testing on zones IX and XI sands completed in the 2 3/8
inch tubing did not flow oil to the surface during initial testing.
Production logging will be performed to identify the possible
problems that caused this result, which may include a bad cement
bond on the casing, leaks in the completion packers, or near
well-bore formation damage caused by drilling mud.
September 2011 Production Update
Crude oil deliveries into the export pipeline from the Umusadege
field through the month of September 2011 averaged 7,076 bopd.
Aggregate Umusadege field downtime over this period was
approximately 2.38 days due primarily to shutdown of third party
export pipelines.
Negotiations with the operator of the export pipeline to
increase capacity are ongoing.
The UMU-9 well drilling location has been completed and the
Company is preparing to move the NRG 201 rig to the site. Flow
lines from the UMU-9 well head location to the manifold are nearing
completion. It is anticipated that the rig will commence
mobilization by mid-October.
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.
Note: 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, statements (express or implied) concerning the
timing or success of completion operations on the UMU-8 well and
the ability of the Company to successfully complete and
commercially produce, transport and sell oil from the UMU-8 well
(or any one or more of the hydrocarbon sands identified by the
UMU-8 well), should all be viewed as forward-looking statements.
The well log interpretation indicating hydrocarbon bearing sands
are not necessarily indicative of future production.
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 additional pipeline
export volumes will be made available to the Umusadege field.
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.
Contacts: Mart Resources, Inc. - London, England Wade Cherwayko
+44 207 351 7937Wade@martresources.com Mart Resources, Inc.
Investor Relations Toll Free:
1-888-875-7485www.martresources.com
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