Mart Resources profile:
Mart’s core focus is on acquiring and developing oil and gas assets in the prolific Niger Delta of Nigeria. Mart recognized a unique opportunity to participate with Nigerian indigenous companies in the development of low-risk, high-reward proven but undeveloped oil and gas fields remaining onshore and in the shallow waters of Nigeria. The Niger Delta is one of the most prolific hydrocarbon basins in the world where Mart, Midwestern Oil and Gas Co. Plc. (the Operator of the Umusadege field) and Suntrust Oil Company Ltd., are successfully developing the Umusadege Oil Field located onshore in Delta State.
Oil production commenced from the Umusadege field in 2008 and has produced over 2 million barrels of oil as of beginning of 2010. The field was producing approximately 3,800 barrels per day in Q1, 2010. A development program will commence in July 2010 to fully develop and evaluate the field’s production and reserve potential.
Mart was one of the first foreign companies to establish partnerships with local Nigerian oil companies under the indigenous and marginal field programs, thus giving Mart strategic advantages due to the Company’s relationships and local industry knowledge. Mart is a strong supporter of the government’s initiatives to create indigenous Nigeria oil and gas and oil service companies. Mart looks forward to working with local Nigerian oil and gas companies in fulfilling the objectives of these important initiatives. Mart is evaluating new proven undeveloped oil and gas field acquisition opportunities with Nigerian companies with an objective of increasing production and reserve base.
1167 Kensington Crescent NW
Calgary, AB T2N 1X7
Canada - Map
Wade Cherwayko, Chairman and CEO
Founder of Mart Resources Inc., Mr. Cherwayko has negotiated, financed and developed numerous oil and gas projects over the past 19 years in West and North Africa. Mr. Cherwayko has been active in Nigeria since the early 1990’s advising indigenous oil companies such as Yinka Folawiyo Petroleum Company Limited, Amni International and several other marginal field companies. Mr. Cherwayko was also a co-founder of Centurion Energy with operations focused in North Africa. Previous to working in Africa, he was a consultant for five years for oil companies operating in Canada and South America.
Angela Clark, Chief Financial Officer
Angela Clark was appointed CFO 1st June 2010. She is a Fellow of the Association of Chartered Certified Accountants in good standing and has more than 20 years experience in the oil and gas industry gained with Shell Exploration and Production UK Ltd., Occidental (Caledonian) PLC and Hess PLC in Europe and West Africa. She has recently been advising in a consultant role with several smaller exploration and production companies.
From Mart resources Corporate presentation of June 10th 2010