CALGARY, ALBERTA — (Marketwired) — 10/27/14 — Mart Resources, Inc. (TSX: 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 the following updates on Umusadege field drilling and flow testing operations.
UMU-12 Initial Well Flow Test Results
The UMU-12 horizontal well was recently completed with a 1,200 foot horizontal section in the VIII sand. The well was flowed back for clean-up and testing on various choke sizes for 80 hours, yielding a final test averaging 5,366 bopd on a 44/64 inch choke at a surface flowing pressure of 230 psi over a six hour period. The API gravity of the oil is 26.4 degrees, with no sand, bottom sediment, or water production.
UMU-13 Well
The drilling rig has been moved to the UMU-13 well location and rig-up operations for the commencement of drilling of the UMU-13 well are nearing completion. UMU-13 is a vertical exploration well that is scheduled to be drilled to a target depth of 9,118 feet and is intended to appraise the east prospect on the Umusadege license.
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.
There is no assurance that the Company will be able to commercially produce, transport or sell oil from the UMU-12 well (or any one or more of the sands identified by 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 (or any one or more of the hydrocarbon sands identified by the UMU-12 well) should all be viewed as forward-looking statements. The foregoing test results should be considered initial results and are not necessarily indicative of future production levels or ultimate recovery. There is also no assurance that the Company will be able to successfully drill the UMU-13 exploration well or that if successfully drilled, that the well will be successfully completed, tested or commercially produced.
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 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:
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