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Sure is quiet in here lately!
Cormark raises MMT target price to $2.75
The first and deepest sands to be tested in the UMU-10 well, XXI, flowed at 1,943 B/d of light (55.3º API) crude oil through a 28/64” choke with 1,260 psi of tubing pressure during clean-up. Five intervals (six sands) targeted in UMU-10 have now been perforated and completed with four flow tests remaining (two sands will be comingled). The success with UMU-10 reinforces our belief that Mart will be able to materially increase volumes later this year following a pipeline deal with Shell and add significant new reserves in 2013. We continue to view Mart as one of the most attractive names in our universe with further material catalysts expected near term. Trading at 4.0x 2013 EV/DACF with a 10.9% yield and strong balance sheet, Mart should appeal to every investor class. We reiterate our TOP PICK rating and are increasing our target price on Mart to $2.75 from $2.50 previously
Yes, this is the zone not tested in #9.
Nothing yet, but I think I got it the day after last time, so no one needs to worry....YET!
Yeah, one of the greatest movies ever I think!
Kaiser im sure your dividend will show up today. They don't want to mess with you. They've seen what you are capable of when you get mad. Im surprised they never made a sequel to your first picture.
Yup, but don't forget, last quarter it took anywhere from 0-3 days to show up in some accounts, so don't everyone get their knickers in a twist if it doesn't actually show up today!
Good luck!
Dividends should show up today.
When do you think we see UMU-10 news??
Opps,MMT.v/MAUXF top pick today on BNN
(Right video below)
with Peter Imhof Investment Strategist, of Sprott Asset Management
fame!
December 27, 2012 : Top Picks [12-27-12 1:55 PM
http://watch.bnn.ca/#clip833831
MMT.v/MAUXF top pick today on BNN
with Peter Imhof Investment Strategist, of Sprott Asset Management
fame!
December 27, 2012 : Top Picks [12-27-12 1:55 PM
http://watch.bnn.ca/#clip833850
Mart up to $1.63 in the U.S.! Any clue on UMU-10 results (when)?
Mart resumes production at Umusadege
2012-12-24 13:07 ET - News Release
Mr. Wade Cherwayko reports
MART RESOURCES, INC.: PIPELINE DISRUPTIONS RESOLVED AND PRODUCTION FROM UMUSADEGE FIELD RESUMES
Mart Resources Inc. and its co-venturers, Midwestern Oil and Gas Company PLC (operator of the Umusadege field) and SunTrust Oil Co. Ltd., are providing the following update on Umusadege field production operations.
Umusadege production resumes
Due to a continuing shutdown of the export pipeline that started on Oct. 30, 2012, there had been no production from the Umusadege field in November, 2012, through Dec. 20, 2012. Nigerian Agip Oil Co., the pipeline operator, has advised that repairs to the export pipeline have been completed, and production from the Umusadege field and other fields in the area began on a test basis early on Dec. 21, 2012. Production and deliveries into the export pipeline from the cluster are expected to be increased to normal levels over the next several days.
AGIP has also lifted its previous declaration of force majeure on loadings at the Brass River export terminal. The most recent shipment of crude oil produced from the Umusadege field occurred at the beginning of November, 2012, with a shipment of crude oil produced in October, 2012, of 320,000 barrels of oil.
We seek Safe Harbor.
Mart Resources, Inc.: Pipeline Disruptions Resolved and Production from Umusadege Field Resumes
(Ho-ho-ho Merry Christmas!)
- Umusadege field production and deliveries into the export pipeline resumed on December 21, 2012. - Factors affecting the export pipeline and export terminal that caused temporary shutdown of Umusadege field production have been resolved.
Press Release: Mart Resources, Inc. – 17 minutes agoEmail
Marketwire - Dec. 24, 2012) - 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 operations.
Umusadege Production Resumes
Due to an ongoing shutdown of the export pipeline that started on October 30, 2012, there had been no production from the Umusadege field in November 2012 through December 20, 2012. Nigerian Agip Oil Company ("AGIP"), the pipeline operator, has advised that repairs to the export pipeline have been completed, and production from the Umusadege field and other fields in the area (collectively the "Cluster") began on a test basis early on December 21, 2012. Production and deliveries into the export pipeline from the Cluster are expected to be increased to normal levels over the next several days.
AGIP has also lifted its previous declaration of force majeure on loadings at the Brass River Export Terminal. The most recent shipment of crude oil produced from the Umusadege field occurred at the beginning of November 2012, with a shipment of crude oil produced in October 2012 of 320,000 barrels of oil.
Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
INVESTOR RELATIONS:
Investors are also welcome to contact one of the following investor relations specialists for all corporate updates and investor inquiries:
FronTier Consulting Ltd.
Mart toll free # 1-888-875-7485
Attn: Sam Grier or Timea Carlsen
Email: inquiries@martresources.com
http://ca.finance.yahoo.com/news/mart-resources-inc-pipeline-disruptions-174800320.html
Nigeria oil output seen steady in 2013
by Emma Farge, December 12 2012, 13:43 |
http://www.bdlive.co.za/world/africa/2012/12/12/nigeria-oil-output-seen-steady-in-2013
VIENNA — NIGERIA, Africa’s largest oil exporter, is currently producing around 2.4-million to 2.5-million barrels per day and output should remain at similar levels next year, the oil minister said on Wednesday.
A major fire at a Shell facility, an Exxon spill and severe flooding cut oil output by up to a fifth in October and November, and caused lengthy delays to exports.
Diezani Alison-Madueke told reporters during a meeting of the Organisation of the Petroleum Exporting Countries (Opec) in Vienna that production had since recovered and should remain at current levels.
"I expect it at least to stabilise (next year). The problems have been flooding and bunkering and some vandalism which have disrupted pipeline services," she said.
Alison-Madueke said Nigeria still hoped to hold a marginal oil licensing round by early next year. This would be the first since a bid round five years ago which failed to attract interest from foreign oil majors.
Several targets for bid rounds set by the oil ministry have not been met in recent years and uncertainty over a over-reaching energy bill being debated in parliament could deter potential investors, industry experts say.
Opec oil ministers meet on Wednesday to discuss production and are widely expected to hold output limits steady despite forecasts for a fall in demand next year.
The expected increase in production of shale oil from the United States will be on the agenda and Alison-Madueke said it would have a "major impact" on demand for oil from countries like Nigeria, a key exporter to the US.
me buy today////me say rare to have advantage like this.cheers
My suggestion would be to inundate the contact given at the PR firm (copying Wade's email address) with questions, requests for clarifications, and miscellaneous diatribe to protest the extremely inadequate detail included in this November update.
What a crappy update!!
Mart Resources, Inc.: November 2012 Operational Update and December Production Disruptions (ccnm)
CALGARY, ALBERTA--(Marketwire - Dec. 12, 2012) - 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 and drilling operations.
November 2012 Production Disruptions
Due to an ongoing shutdown of the export pipeline that started on October 30, 2012, there was no production from the Umusadege field in November and December 2012. At the beginning of November 2012 there was a shipment of crude oil produced in October 2012 of 320,000 barrels of oil ("bbls"). Nigerian Agip Oil Company ("AGIP"), the pipeline operator, has advised that while repairs to the export pipeline have commenced, the nature of the damage has prevented a temporary repair and that a partial replacement of the line is required. The damaged pipeline is located in a river crossing. AGIP advises that it is working diligently to repair the export pipeline to enable the restoration of normal pipeline operations at the earliest possible date.
The Brass River Export Terminal, where oil production from the Umusadege field is shipped, continues to experience loading delays and AGIP has extended its previous declaration of force majeure on loadings at the Brass River Export Terminal due to flooding.
As a consequence of the foregoing, all Umusadege field production shipped through the AGIP export pipeline continues to be shut-in pending AGIP's repair of the export pipeline and the reopening of the Brass River Export Terminal. Mart and its co-venturers will continue to monitor the situation.
Pipeline and export facility losses for October 2012 as reported by AGIP were 56,874 bbls or approximately 17.7% of total crude deliveries (losses for September 2012 as reported by the pipeline operator were 40,018 bbls or approximately 11.6% of total crude deliveries). Pipeline and export facility losses as reported by AGIP from the beginning of the year to end of October 2012 are approximately 13.6% of total crude deliveries for that period.
UMU-10 Well Update
As previously announced, the UMU-10 well encountered 479 foot gross hydrocarbon pay in 20 sands. Six of these sands, XVIIa & XVIIb (commingled), XVIIIa, XIX, XXb, and XXI have been perforated. Sands will be tested, and completed for production. Any two of these zones can be produced simultaneously using dual tubing string sliding sleeve completion technology. Operations to prepare to flow test the six targeted sands in the UMU-10 well have been progressing and is approximately 80% completed. The long string (3 1/2 inch) completion has been installed, and the short string (2 7/8 inch) installation is currently underway. The sands completed in UMU-10 will access 161 feet of the total 479 feet of gross pay in the well.
Shell Export Pipeline
Mart and its co-venturers are continuing their negotiations with an affiliate of Royal Dutch Shell plc. ("Shell") to complete a crude handling agreement that will enable plans to move forward to provide a second independent export pipeline for Umusadege field production. Mart and its co-venturers will then gain access to Shell's export facilities and a 50-kilometer pipeline will be constructed. The pipes have been manufactured and loaded on a ship heading for Nigeria and expected to arrive in the third week of December 2012.
Ok, the combo of 1. UM-10 test results(assuming 10,000bpd+) 2. Agip pipeline is back up and running full blast and 3. We finally got those b*stards at Shell off their butts and they signed the new oil purchase agreement from the new pipeline, could give us a legit move up. But we need 1 & 2 issued pretty quick and we need #3 within a few weeks or production is going to get held back.
I was very surprised to heard Wade talk about mid June 2013 for the pipeline. I will believe it when I see it.
Bobwins
Perusing the net Nigeria closed its last camp for victims of the flood a week ago.
flow to where? If you mean they will test it, hopefully they have enough storage tanks to hold a LOT of oil because I'm expecting test results totaling 10,000bpd+ from the several zones they're going to test. Of course, they never produce that much because they can't produce from 15 zones at once. But the production from the previously untested lower zones should pop the reserves and demonstrate just how lucrative the Umudasege field really will be over a LONG production period.
I doubt the test will do too much for Mart share price. Until they get the pipeline built, this is all potential production and the market won't pay that much, certainly not in Nigeria for potential.
Bobwins
Me really hope you are right!!
me say late next week.cheers
OULLINS is ALWAYS right. eom
Sure is quiet around here. Oullins thinks UMU-10 starts flowing any day now...let's hope he's right!
Shell reopens damaged pipeline in Nigeria
LAGOS, Nigeria (AP) -- Royal Dutch Shell PLC says it has reopened a pipeline in the oil-rich southern delta and has lifted a month-old production warning on its supplies to Nigeria's liquefied natural gas plant.
A Shell spokesman told The Associated Press on Friday that Shell's Nigerian subsidiary had lifted a "force majeure" on supply to the plant on Nov. 8. The term is used when an oil company cannot cover the promised supply from the field.
Precious Okolobo said the decision to lift the warning came after it repaired the Trans Niger pipeline which was hit by "crude theft and flooding."
The oil giant issued the warning on Oct. 3.
The Trans Niger pipeline is a major conduit for Shell through Nigeria's oil-rich region.
Nigeria is a top energy supplier to the U.S.
me say merger to take longer///me say first half 2013.cheers
Mart Resources' UMU-10 encounters 479 ft of gross pay
(((Sweet!!))
2012-11-05 08:46 ET - News Release
Mr. Wade Cherwayko reports
MART RESOURCES, INC.: UMU-10 WELL UPDATE
Mart Resources Inc. and its co-venturers, Midwestern Oil and Gas Co. PLC (operator of the Umusadege field) and SunTrust Oil Co. Ltd., are providing an update on the UMU-10 well at the Umusadege field in Nigeria.
As previously announced, the UMU-10 well has reached a final total drilling depth of approximately 9,757 feet. UMU-10 is an appraisal well targeting the sands encountered in the UMU-9 exploration/step-out well, including the deep sand discoveries. Based upon comprehensive open hole logging, the UMU-10 well encountered 479 feet of gross pay in 20 sands. The reservoirs encountered are consistent with the findings in the UMU-9 well, with one additional oil-bearing discovery in the UMU-10 well that was wet in UMU-9. The five deep sand discoveries encountered in UMU-9, along with the additional oil sand encountered in UMU-10, have not previously been flowed to surface. These deep sands are the primary testing and completion targets for the UMU-10 well.
Downhole pressure and fluid sample tests were taken over all reservoirs. Preliminary evaluations based on log and drilling data for the UMU-10 well show 19 light oil reservoirs and one gas/condensate reservoir. These conclusions are consistent with results of tests on the UMU-9 well. The down-hole fluid samples have confirmed hydrocarbon type, and will provide critical information for reservoir management and field development planning.
The completion program and production testing operations on the UMU-10 well will continue through November 2012 and are expected to take at least 30 days.
Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
We seek Safe Harbor.
MMT.V has been showing support around 1.47 and resistance in the 1.91 price range. From the relationship between price and moving averages; we can see that: This stock is BULLISH in short-term; and BULLISH in mid-long term.
http://canada.stoxline.com/q_ca.php?s=mmt.v
Two words; reserve growth.
but but but
there won't be any oil flowing until AT LEAST a year from now. Wade says a year to build a 54km pipeline in Nigerian time?
So production and cashflow will be relatively flat. Will investors bid it up BEFORE the new pipeline is built, tested and flowing?
Anyone with an understanding of how reserves are calculated can easily extrapolate at least a coming 3 fold increase in reserves ....
Catalyst # 1
... UMU 10 will be a Monster ...
Catalyst # 2
... SHELL pipeline announcement ...
Catalyst # 3
... Merger ... imminent ( together with huge extra divy :) ) ....
Catalyst # 4
... New fields ...
Catalyst # 5
... NO DECLINE !!!, PREMIUM TO BRENT !!! zeroing in on 30-40,000 bpd ...
... EASILY $ 3.00 - $ 5.00 within 6 months .. easy !!!
Touched another yearly high today
Closed up on a generally terrible day for the markets
I think you are looking for attention for the stock you are posting endlessly about.
I bet you didn't even read the presentation.
Manny
I disagree, no info in the presentation. Eom
Great presentation
http://www.wsw.com/webcast/canaccord7/mmt.v/
New pipeline materials already purchased
pipeline land already acquired
plenty of cash in the bank
umu 10 results due soon
special divvy possible
contract with shell agreed to and waiting for signatures
MMT.v/MAUXF: Mart Resources produces 11,303 bopd in September
2012-10-11 08:27 ET - News Release
Mr. Wade Cherwayko reports
MART RESOURCES, INC.: AUGUST AND SEPTEMBER 2012 OPERATIONAL UPDATE
Mart Resources Inc. and its co-venturers, Midwestern Oil and Gas Company PLC (operator of the Umusadege field) and SunTrust Oil Co. Ltd., are providing an update on Umusadege field production and drilling operations for the months of August and September, 2012.
August and September 2012 Production Update
Umusadege field production during August 2012 averaged 12,131 bopd and averaged 11,303 bopd during September 2012. Umusadege field downtime during August 2012 was less than one day and during September 2012 was less than three days. The average field production based on producing days was 12,535 bopd in August and 12,559 bopd during September 2012. The average daily production in August and September 2012 was slightly lower than in July 2012 due to decreased export pipeline capacity allocated to the Umusadege field.
Total crude oil deliveries into the export pipeline from the Umusadege field for August 2012 were approximately 376,000 bbls and for September 2012 were approximately 339,000 bbls before pipeline losses. Pipeline and export facility losses for August 2012 as reported to Mart by the pipeline operator were 52,000 bbls or approximately 13.7% of total crude deliveries. July 2012 reported pipeline and export facility losses were 56,000 barrels or approximately 13.8% of total crude deliveries. September pipeline and export facilities losses have not yet been reported by the pipeline operator. Pipeline and export facility losses as reported by pipeline operator from the beginning of the year to end of August 2012 are approximately 13.3% of total crude deliveries. Mart and its co-venturers are continuing to investigate this situation and are working to obtain additional information regarding such losses including assessing the accuracy of volume reconciliations as well as the accuracy of the metering and reporting processes.
UMU-10 Well Update
The UMU-10 well has reached a final total drilling depth of approximately 9,757 feet. The next phase of operations will include open hole well logging, conducting pressure surveys on prospective zones and acquiring fluid samples. Well operations will then continue with running 9 5/8 inch casing in the open hole. The primary objectives of the UMU-10 well are the oil-bearing sands identified in the 8 1/2 inch deviated hole section of the UMU-9 well. The oil-bearing sand discoveries from UMU-9 account for 170 feet of gross oil pay. Based on UMU-10 preliminary results from logging-while-drilling (LWD) technology, the target sands identified by the UMU-10 well have been similar in thickness to those encountered in the UMU-9 well. Up to four of these sands could be completed in UMU-10. The completion and testing of the UMU-10 well is expected to take approximately 45 to 60 days.
Export Pipeline
Mart and its co-venturers are nearing conclusion of negotiations with an affiliate of Royal Dutch Shell plc. ("Shell") to complete a crude handling agreement that will enable plans to move forward to provide a second independent export pipeline for Umusadege field production. Mart and its co-venturers will then gain access to Shell's export facilities and a 50 kilometer pipeline will be constructed. Construction of the pipeline connecting the Umusadege field to Shell's export facilities is expected to be completed and in service by Q4 2013.
Mart Presenting at Canaccord Genuity Global Resources Conference in Miami
Wade Cherwayko, Chairman and CEO of Mart, will be a presenter at the Canaccord Genuity Global Resources Conference in Miami, Florida on October 18, 2012. A link containing the location and details of the conference is available on Mart's website under News & Presentations / Corporate Presentations - www.martresources.com.
We seek
Yep, happen to me in one f my retirement accounts with them also Grrrr!!! &*#@%$$3!!
I was just told by Schwab,that since the stock is in a pension plan and run by am administrator,it is treated differently from a regular retirement account.
They claim they deducted 15% last time,which i must have missed.
I will check it.
Is this for real?
TIA,
Manny
Tell them the dividend was a Canadian company paying into your retirement acct and that the US and Canada have a treaty exempting retirement accounts from withholding taxes. Tell them they didn't deduct last time and that they made a mistake. Ask for correction and tell them Chuck told you to do it.
It is interesting that Schwab took off 15% off my dividend in my retirement account,and didn't last time.
is it enough for me to tell them they are not supposed to deduct from a retirement account?
Thanks,
Manny
I came accross this today.
"The real movement for MMT may come in 2013; in the meantime, we are getting paid to wait." (10/1/12) What is Chen Buying? What is Chen Selling? - Chen Lin, What is Chen Buying? What is Chen Selling? More >
Really nice action in the stock today. Expecting my dividend to hit my account tonight.
MMT.v/MAUX BNN Video with Analyst Peter Imhof
@ about 3.50 mark, still likes a lot!!
BNN speaks to Peter Imhof, Investment Strategist, Sprott Asset Management. FOCUS: North American Small Caps
Market Call : September 28, 2012 : Part Two [09-28-12 1:35 PM
http://watch.bnn.ca/#clip772034
me be back after merger///me say buy.cheers
Sure is quiet around here. Sure could use that UMU-10 news!
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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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