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 providing the following updates on
Umusadege field production for October 2013 and other operations. 


October 2013 Production Update

Umusadege field production during October 2013 averaged 10,735 bopd. Umusadege
field downtime during October 2013 was approximately 4.5 days due mainly to
maintenance and repairs on the export pipeline performed by the pipeline
operator, Nigerian Agip Oil Company Limited ("NAOC"). The average field
production based on producing days was 12,638 bopd in October 2013.


Total net crude oil deliveries into the export pipeline from the Umusadege field
for October 2013 were approximately 325,700 bbls before pipeline losses.
Pipeline and export facility losses reported by NAOC and allocated to Mart and
its co-venturers for September 2013 were 74,103 bbls, or 28.4% of total crude
oil deliveries into the export pipeline. October 2013 pipeline and export
facility losses have not yet been reported by NAOC. Pipeline and export facility
losses have averaged 24.1% for the first nine months of 2013. 


A portion of the increase in the pipeline losses during 2013 is a result of
application of a new formula for calculation of the pipeline losses. The new
formula was imposed by NAOC in the crude handling agreement entered into in
2013. The formula has an effect on the overall calculation and allocation of
pipeline losses, and the members of the cluster are in ongoing discussions with
NAOC to contest the formula and are considering all options available.


UMU-11 Drilling & Completions Update

As announced previously, the UMU-11 well reached its total depth of 8,910 feet
on September 27, 2013. The open hole logging and completions operations have
been concluded, perforating three oil-bearing sands. The sands selected for
completion were the IX, XIIb, and XIIIb sands, with combined gross oil pay of 84
feet. The dual string completion has been installed, which will allow flow of
two zones simultaneously through the 3 1/2 inch and 2 7/8 inch tubing strings.
Individual production testing of all three sands will begin this week, and test
results will be disclosed as soon as they are available.


Mart Presenting at Oil Council World Assembly Conference in London

Wade Cherwayko, Chairman and CEO of Mart, will be a presenter at the Oil Council
World Assembly in London on November 18-20, 2013. Links containing the locations
and details of the conferences are available on Mart's website under Investor
Centre / Events Calendar - www.martresources.com.


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.


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 there will not be future disruptions
of the NAOC pipeline or that future repairs will not be required. Any future
disruptions will materially and adversely affect the ability of the Company to
transport, deliver and sell its crude oil production from the Umusadege field.
Statements (express or implied) concerning the allocation of export and pipeline
capacity to the Umusadege field from their third party pipeline owners, should
also be viewed as forward looking statements. Pipeline and export facilities
losses are expected to continue in the future and such losses could be material.
There is no assurance that there will not be adjustments to previously reported
pipeline losses. There is no assurance that pipeline and export facility losses
will not continue in the future. Such losses could be material.


Additionally, there is no assurance that the Company will be able to
successfully test the UMU-11 well or commercially produce, transport or sell oil
from the UMU-11 well (or any one or more of the sands identified by the UMU-11
well). Statements (express or implied) regarding the ability of the Company to
successfully complete, test and commercially produce, transport and sell oil
from the UMU-11 well (or any one or more of the hydrocarbon sands identified by
the UMU-11 well), should all be viewed as forward-looking statements. The well
log interpretations indicating hydrocarbon-bearing sands are not necessarily
indicative of future production. There is no assurance that reserves will be
assigned to such hydrocarbon bearing sands.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mart Resources, Inc. - London, England
Wade Cherwayko
+44 207 351 7937
Wade@martresources.com


Mart Resources, Inc. - London, England
Dmitri Tsvetkov
+44 207 351 7937
dmitri.tsvetkov@martresources.com


Mart Resources, Inc. - Canada
Sam Grier
403-270-1841 or toll free 1-888-875-7485
sam.grier@martresources.com
www.martresources.com

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