CALGARY, ALBERTA — (Marketwired) — 10/10/14 — Mart Resources, Inc. (TSX: MMT) (“Mart” or the “Company”) and its co-venturers, Midwestern Oil and Gas Company Limited (“Midwestern”, Operator of the Umusadege field) and SunTrust Oil Company Limited (“SunTrust”) are pleased to provide the following update regarding the Umugini pipeline in Nigeria.
Umugini Pipeline Update
The 51-kilometer Umugini pipeline tie-in at the Eriemu flow station and other start-up activities have been completed. The line fill process required to commence shipment of oil to the Trans Forcados crude oil export pipeline and onward to the Forcados oil export terminal and the inspection of the Umugini pipeline facilities by the Operator of the Umugini pipeline was also successfully completed by the end of September 2014. Accordingly, the Umugini pipeline is ready for injection of crude into the Trans Forcados crude pipeline and Shell Petroleum Development Co. of Nigeria–s (“SPDC”) pipeline system connected to the Forcados oil export terminal. The commencement of oil flow will occur following the receipt of the formal authorization of oil injection by the operator of the Trans Forcados export pipeline, which authorization is expected shortly.
Umusadege Drilling Update
The drilling and completion of the UMU-12 well has been completed. The well was drilled into the VIII sand, landing a 1200 foot lateral drain hole at a measured total depth of 10,010 feet. The average oil column is approximately 40 feet. Clean-up and testing of the UMU-12 well will commence after the rig has been moved off of its current location.
The rig is currently being moved to the new UMU East drilling pad to drill UMU-13, an exploration well intended to appraise the eastern prospect on the license. The UMU-13 exploration well is to be drilled as a vertical well to penetrate the crest of the east prospective structure.
Additional information regarding Mart is available on the Company–s website at and under the Company–s profile on SEDAR at .
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 oil injection will commence within the timeframes expected or referenced in this press release or that the Umugini pipeline, Trans Forcados pipeline or SPDC pipeline will not experience shutdowns or pipeline losses. There is no assurance regarding the volumes of oil that will be transported on the Umugini pipeline or injected into the Trans Forcados pipeline.
There is no assurance that the Company will be able to commercially produce, transport or sell oil from the UMU-12 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-12 well should all be viewed as forward-looking statements. There is no assurance that additional reserves will be assigned to the hydrocarbon sands encountered by the UMU-12 well.
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 NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Contacts:
Wade Cherwayko or Dmitri Tsvetkov
Mart Resources, Inc.
London, England Office: # +44 207 351 7937
E-mail:
E-mail:
Canada contact: Sam Grier
403-270-1841
E-mail: