CALGARY, ALBERTA — (Marketwired) — 08/02/13 — 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 update on Umusadege drilling operations.
UMU-11 Well Update
The UMU-11 well is planned to spud in the third slot of the UMU-9 drilling pad. As previously announced, there were problems cleaning out the 20-inch conductor. Retrieval and milling operations were attempted to utilize this drill slot, but were unsuccessful.
The rig was skidded forward to a new slot on the drilling pad. After pounding the 20-inch conductor to approximately 400 feet an attempt was made to clean out the conductor with a drill bit, but an obstruction was encountered. It was discovered that the casing parted during the pile driving operations. The rig has now been skidded ahead again, and delivery of new 20-inch conductor pipe is expected in the next few days. Once the new conductor pipe is on site, it will be pile driven to a depth of approximately 400 to 500 feet, cleaned out, and drilling operations are expected to commence in early August.
The main objectives for the UMU-11 well are proven oil reservoirs encountered, but not completed, in the UMU-9 and UMU-10 wells. These sands were previously logged and sampled. The UMU-11 well–s objective is to test four of these oil-bearing sands, and if successful, complete these sands for production.
Additional information regarding Mart is available on the Company–s website at and under the Company–s profile on SEDAR at .
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 UMU-11 well will be spudded by the date forecast. There is also no assurance that the drilling of UMU-11 will meet the objectives as stated above.
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 office
Wade Cherwayko
+44 207 351 7937
Mart Resources, Inc.- London, England office
Dmitri Tsvetkov
+44 207 351 7937
Mart Resources, Inc.- Canada
Sam Grier
403-270-1841 or toll free 1-888-875-7485