Mart Resources, Inc.: UMU-9 Well Commences Drilling
November 22 2011 - 8:30AM
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-9 Well Update
The UMU-9 well commenced drilling operations on November 18,
2011 and is currently at a depth of 4,015 feet in the 16 inch upper
hole section. The next activity will include running and cementing
13 3/8 inch casing in the upper hole section. Drilling will then
continue in the intermediate section with a 12 1/4 inch hole to
approximately 8,300 feet, followed by running 9 5/8 inch casing.
The bottom hole deviated section will then be drilled with a 8 1/2
inch hole to total measured depth of approximately 11,000 feet.
Main objectives for UMU-9 are:
i. To appraise the extension of the shallower reservoirs discovered and
producing in the main culmination of the UMU-1, -5, -6, -7 and -8 wells.
These sands will be intersected in the drilling of the vertical section
of the well, which will then be cased prior to drilling ahead to the
deeper targets.
ii. To deviate and explore the deeper untested targets (including the C0
sand) while running a measurement while drilling ("MWD") tool followed
by a logging while drilling ("LWD") tool to evaluate the potential
hydrocarbon bearing zones.
November Production Update
Field oil injection into the export pipeline was approximately
9,053 barrels of oil per day during the period between November 1,
2011 and November 15, 2011. The Umusadege field experienced no
production downtime over this period.
Negotiations with Agip, the Nigeria operator of the export
pipeline, to increase export capacity for the Umusadege field have
been ongoing and are believed to be nearing conclusion.
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, there is no assurance that the drilling program
for the UMU-9 well will be successful or will successfully appraise
the extensions of the shallower reservoirs as contemplated, or
successfully deviate the deeper untested targets.
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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