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UP 35% from recent dip.
Looking good
Latest well is a big 1
Pipeline coming together for mid 2014
Hindsight
Wish I bought even more on the recent pullback
Still sitting with every share I bought- back to the 100K .22's from a couple of years ago.
Finish the pipeline so we can get all of this documented oil on a boat.
Until then, I'll have to be content with piping 13,000 barrels per day.
Mart Resources Inc. (MAUXF) -OTC Markets ? Follow
1.2661 0.1661(15.10%)
Here's a nice pep talk by Wade. Whether you decide to drink the Kool-Aid is up to you :)
GREAT NEWS
Mart Resources Inc. (MAUXF) -OTC Markets ? Follow
1.14 0.12(11.76%) 1:45PM EST
Mart Resources, Inc.: UMU-11 Well Update- Initial Flow Test Results
- 3,650 barrels of oil per day ("bopd") stabilized flow rate achieved during cleanup from the XIIb sand. - 1,520 bopd stabilized flow rate achieved during cleanup operations from the XIIIb sand. - One more test remains to be done on the IX sand that has been perforated and completed in the UMU-11 well.
Maybe the Canadian market should close more often. MAUXF having a nice day.
Yeah, old Martguy turned out to be quite the resource huh? Interesting how guys like him all scatter when the fit hits the shan.
How's that deal coming along Martguy?? WTF is going on with this stock??
oh boy....Wade's making a name for himself. LOL..
sell off coming Monday.
despite all this, I still hold for all the oil that is in the ground.
JFF7
Market doesn't like having So Much Oil Ripped Off!
Mart Resources, Inc.: Operations and Production Update
- Umusadege field production averaged 9,235 barrels of oil per day ("bopd") during August 2013 based on calendar days; average field production based on production days was 12,085 bopd during August 2013. - Umusadege field net deliveries into the export pipeline were approximately 293,600 barrels of oil ("bbls") in August 2013 before pipeline losses. - The UMU-11 well is drilling ahead in the 12 1/4-inch section and is currently at a depth of 7,464 feet. The 16-inch section has been cemented with 13 3/8 inch casing set at 5,000 feet. - Pipeline and export facility losses have averaged 19% in 2013, including an average of 27% for May, June and July 2013 as reported by the export pipeline operator, Nigerian Agip Oil Company ("Agip"). Mart and its co-venturers have requested additional data regarding the increase in the rate of pipeline and export facility losses and will provide additional information as it becomes available.
CALGARY, ALBERTA--(Marketwired - Sep 11, 2013) - 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 August 2013 and the drilling of the UMU-11 well.
August 2013 Production Update
Umusadege field production during August 2013 averaged 9,235 bopd. Umusadege field downtime during August 2013 was approximately 7.5 days due to shutdowns required for, operations connected to preparation and drilling of the UMU-11 well, testing of the new central processing facility, and effects of pipeline space constraints put in place by Agip for several days at the end of the month. The average field production based on producing days was 12,085 bopd in August 2013.
Total net crude oil deliveries into the export pipeline from the Umusadege field for August 2013 were approximately 293,600 bbls before pipeline losses. Pipeline and export facility losses for May 2013, June 2013 and for July 2013 have now been reported by Agip. The pipeline and export facility losses for each month were as follows: May 2013 - 82,104 bbls (25%), June 2013 - 91,510 bbls (30%), and July 2013 - 90,788 bbls (26%). Pipeline and export facility losses have averaged 19% for the first seven months of 2013. Mart and its co-venturers have requested additional data regarding the increase in the rate of pipeline and export facility losses and will provide additional information as it becomes available. August 2013 pipeline and export facility losses have not yet been reported by Agip.
UMU-11 Well Update
The UMU-11 well commenced drilling operations on August 14, 2013 and is currently at a depth of 7,464 feet in the 12 1/4-inch hole section. The 16-inch hole section was successfully cemented with 13 3/8 casing to a depth of 5,000 feet. The 12 1/4-inch section will be drilled to a total measured depth of approximately 8,700 feet, followed by running a 9 5/8-inch casing.
The main objectives for the UMU-11 well are to appraise and produce proven oil reservoirs encountered but not completed in the UMU-9 and UMU-10 wells. These sands (XIIb, XIIc, XVIa, and XVIb) were previously logged and sampled. The UMU-11 objective is to test four of these oil-bearing sands, and if successful, complete these sands for production.
Just keep paying me dividends and I will wait patiently for the new pipeline.
do you believe everything you read?
Mart Announces $0.05 Per Common Share Dividend
CALGARY, ALBERTA--(Marketwired - Sep 4, 2013) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") is pleased to announce the declaration of a quarterly dividend of $0.05 per common share. The dividend is payable on October 2, 2013 to shareholders of record at the close of business on September 18, 2013. The ex-dividend date is September 16, 2013.
Pursuant to the Company's dividend policy, the declaration of regular quarterly dividends is determined quarterly based upon Mart's cash flows, liquidity, capital expenditure budgets, earnings, financial condition and other factors as the Board of Directors may consider appropriate from time to time.
UMU 11 Spud
August 15, 2013 08:46 ET
Mart Resources, Inc.: Spudding of UMU-11 Well
- The UMU-11 well commenced drilling operations on August 14, 2013 and is currently at a depth of 1,100 feet.
- The main objectives for UMU-11 are to appraise and produce proven oil reservoirs encountered, but not completed, in the UMU-9 and UMU-10 wells.
CALGARY, ALBERTA--(Marketwired - Aug. 15, 2013) - 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.
The UMU-11 well commenced drilling operations on August 14, 2013 and is currently at a depth of 1,100 feet in the 16-inch upper hole section. The 16-inch upper hole section will be drilled to a depth of approximately 5,000 feet. The next activity will include running and cementing 13 3/8 inch casing in the upper hole section. Drilling will then continue with a 12 1/4 inch section to a total measured depth of approximately 8,700 feet, followed by running 9 5/8 inch casing.
The main objectives for the UMU-11 well are to appraise and produce proven oil reservoirs encountered but not completed in the UMU-9 and UMU-10 wells. These sands (XIIb, XIIc, XVIa, and XVIb) were previously logged and sampled. The UMU-11 objective is to test four of these oil-bearing sands, and if successful, complete these sands for production.
me say deal come///me buy more.cheers
At 14% your money doubles every 5 years. That plus a number of upside catalysts makes this well I hate to say it "A no brainer."
Hold on to your shares and collect the divy for the next 2-3 qtrs. Don't watch the share price unless you are looking to add more.
I would add: And stop making silly predictions on share price based upon what you hope will happen. There is lots of value here, but for a number of reasons it is taking way more time than we all would like for it to be realized. That's why you are being paid 14% to wait.
"Come Sept-Nov, the new pipeline will be up and running. "
I don't think so. The market is telling you that the new pipeline is pushed out and the article from the Midwestern guy confirms it.
The share price will see 1.30 s at some point in the near term.
Hold on to your shares and collect the divy for the next 2-3 qtrs. Don't watch the share price unless you are looking to add more.
JFF7
Any words of wisdom as we get nothing on the company (MMT)?
Another DIVIDEND received. Thank you very much.
stock_peeker I'm with you. I wish everything had been executed according to plan but I cut them allot of slack because.
1) I have been in business and nothing ever happens as fast as you want or think it will even if you try to be conservative with estimates.
2) They are doing business in the third world which compounds the problem.
3) What they have accomplished since I bought the stock around 3 years ago at 17 cents is nothing short of spectacular.
Actually I relax much better after a good gripe!
As for your $3 prediction, they'd have gotten there by end of 2013 if all the planned catalysts had been executed according to plan. We can disagree about why some milestones have been delayed, but the result is that the lengthy delays have hurt us common stockholders, while management pockets more cheap options.
Yes, $3 (in late 2013, or even late 2014) would be nice. Then I can really relax.
Salutations, all!
'peeker
Sound reasoning.
On my original 100k shares, I'm up 700%, long term holding (tax benefit)
No complaints from me.
Come Sept-Nov, the new pipeline will be up and running.
Of course not. Management would not allow anything to get in the way of a meeting that was required to approve more management options.
While I am disappointed at Mart's busted timelines and the atrocious ongoing pipeline losses via Agip, I am not selling here; I have learned through experience that it is pragmatic to double all time durations and milestones provided by management.
Did the flood impact the meeting?
Mart's portion of that would be about half, further reduced by 15% pipeline losses (probably 12-16%), so monthly revenues are closer to maybe $14 million, wouldn't you guess?
Mart's timelines have been seriously busted for awhile now, and they are basically dependent on partners and Agip for any increase in drilling activity and production. Of course the board was motivated enough to attend the AGM in the middle of a flood in Calgary since the annual management options awards required a vote.
Yeah--
$30,000,000 of oil in 1 month is a real horror (before pipeline losses)
Oh, the humanity...
Crap! Poor monthly production again . . . . May pipeline losses should be known by now, and they still cannot even be bothered to announce status of UMU-11 drilling? Where is Mart management vacationing this month?
Mart Resources, Inc.: June 2013 Production Update
- Umusadege field production averaged 10,700 barrels of oil per day ("bopd") during June 2013 based on calendar days; average field production based on production days was 12,500 bopd during June 2013. - Umusadege field net deliveries into the export pipeline were approximately 305,100 barrels of oil ("bbls") in June 2013 before pipeline losses.
CALGARY, ALBERTA--(Marketwired - July 15, 2013) - 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 update on Umusadege field production for June 2013.
June 2013 Production Update
Umusadege field production during June 2013 averaged 10,700 bopd. Umusadege field downtime during June 2013 was approximately 4 days due mainly to maintenance and repairs on the export pipeline performed by the pipeline operator. The average field production based on producing days was 12,500 bopd in June 2013.
Total net crude oil deliveries into the export pipeline from the Umusadege field for June 2013 were approximately 305,100 bbls before pipeline losses. Pipeline and export facility losses for May 2013 and for June 2013 have not yet been reported by the pipeline operator.
NEWS
Mart Resources, Inc.: New Central Production Facility Commissioned and Operational at Umusadege
- New Central Production Facility ("CPF") commissioned on July 8, 2013 at the Umusadege field and fully operational. - New CPF has a design capacity of 35,000 barrels per day, which is expected to be sufficient to handle the full field capacity anticipated from the existing reserves, as well as the potential for production from prospective resources in the Umusadege farmout area. The CPF is expandable to handle future production increases as needed.
CALGARY, ALBERTA--(Marketwired - Jul 11, 2013) - 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 update on the Central Production Facility at the Umusadege field.
Umusadege Central Production Facility
The new CPF was commissioned on July 8, 2013 at the Umusadege field and all production is currently being processed by the new facility. The CPF handles all petroleum products from the Umusadege field and utilizes gas produced from the field for power generation. The new CPF has a design capacity of 35,000 barrels per day, which is expected to be sufficient to handle the full field capacity anticipated from the existing reserves, as well as the potential for production from prospective resources in the Umusadege farmout area. The CPF is expandable to handle future production increases as needed.
The CPF replaces the temporary early production facilities at the field that were expanded to a 20,000 barrels per day capacity in 2010. The CPF not only increases processing capacity, but also replaces rental storage equipment with permanent equipment that is expected to decrease operating costs per barrel.
Wade Cherwayko, CEO of Mart stated: "Completion and commissioning of the new CPF is a significant milestone for the development of the Umusadege field. It increases processing capacity and is expected to result in a higher netback per barrel."
LOL! I simply take SG to be predicting that the shares return to trading up in the trading range from previously this year.
I was joking Southern Gal.
I'm not p.o.'d at all
give me a 700% gain and I'm a happy person.
Yes Southern Gal Im even more pissed off than you. I bought 100,000 shares at 17 cents, still own every share and have received 30 cents in dividends not to mention the stock is now $1.45.
I think I can wait patiently for them to now triple there output later this year.
I predict the stock will be $3 in the first half of 2014. So now rag on me Rastamon for awhile.
I already posted the basis for my $2 projection.
I'm up 700% on this Nigerian play.
Who said it was a horror show? Who is talking about your purchase at .225? The issue is your statement that the stock would be at $2 minimum by the end of summer. Do you want to talk about this, or go off on tangents instead?
Yeah- MMT is a real horror show.
Wait a second, did I buy 100,000 shares @ .225? (my first purchased lot)
Is the current PPS 700% higher than my buy price?
OH THE HUMANITY!!!!!
More delays. Welcome to Nigeria. And you really think this kind of stuff is going to get us to 2 bucks anytime soon?
Mart Updates Expected Spud Date of UMU-11 Well
- The UMU-11 well is expected to spud in July 2013 once additional drill slot preparations on the existing pad are completed. - The main objectives for UMU-11 include the further appraisal and development of proven oil reservoirs encountered, but not completed, in the UMU-9 and UMU-10 wells.
CALGARY, ALBERTA--(Marketwired - June 27, 2013) - 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 was originally planned to spud in the third slot of the UMU-9 drilling pad. When trying to clean out the 20-inch conductor that was previously pile driven to a depth of approximately 300 feet, the UMU-11 well encountered an obstruction at a depth of approximately 275 feet. Retrieval and milling operations were attempted to utilize this drill slot, but were unsuccessful. It is believed that the 20-inch conductor is bent or kinked, which caused an obstruction. The rig will now be skidded forward to a new slot utilizing the existing drilling pad.
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.
Hey with the pipeline done they will be pumping 3 times as much Texas Tea doh I mean Nigerian Nectar. At that point $3 a share and a double of the dividend are not a "pipe" dream.
I think you will see $3 in the first half of 2014 if they finish the new pipeline by the end of this year and wont be surprised if they double the dividend.
So that alone is supposed to get it to two bucks? In this market? Bring it on, SG. Like I said, I own a ton of this stuff. The dividend makes it worthwhile to wait. I don't think we'll be at 2 bucks anytime soon, but I'll be delighted if I'm wrong.
But SG, they're behind in everything they're trying to do. Still no news of UMU 11 spudding, still no second rig, still no crude handling agreement. Q4 2012 and Q1 2013 showed the investing world how unstable Nigeria still is. Plus, the whole sector sucks. I own a ton of this paper too, but I don't see how we get to 2 bucks anytime soon in this lousy market.
Why?
Because MMT proved today that they can maintain their dividend.
Based on the current PPS, the divvy is paying @ 14%
By end of summer MMT will be a month or so away from completion on their new pipeline.
My crystal ball is optically perfect.
Oh really, Soothsayer?
W H Y ???
Due to crystal ball cloudiness, I have trouble seeing the catalyst for Mart's next big run. They've lost a lot of momentum this year due to Agip pipeline problems, and the new pipeline and new wells have been delayed, so they cannot ramp up to big production before Pioneer tax status runs out.
Though I own a lot of the stock, I see challenges, lots of big challenges.
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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
Suite 310
Calgary, AB T2N 1X7
Canada - Map
Phone: 403-270-1841
Fax: 403-521-0443
Website: http://www.martresources.com
Contact:
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.
angela.clark@martresources.com
From Mart resources Corporate presentation of June 10th 2010
http://www.martresources.com/wp-content/uploads/2010/06/23/MartCorpPres20100610.pdf
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