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CALGARY, ALBERTA--(Marketwired - June 26, 2013) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") is pleased to make the following announcements.
Declaration of $0.05 per Common Share Dividend
Mart announces the declaration of a quarterly dividend of $0.05 per common share. The dividend is payable on July 18, 2013 to shareholders of record at the close of business on July 10, 2013. The ex-dividend date is July 16, 2013.
Pursuant to the Company's dividend policy, the declaration of 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.
Satisfaction of Drawdown Conditions for US$100 million Secured Term Loan Facility
Mart, through its wholly-owned Nigerian subsidiary, has satisfied all conditions relating to the initial drawdown of funds under its previously announced US$100 million secured term loan facility with Guaranty Trust Bank PLC. An initial drawdown of US$25 million will be used to fund Umusadege field development activities, Mart's share of costs for the construction of the Umugini pipeline and for general working capital requirements.
The secured term loan facility is comprised of a US$75 million, 5-year term loan facility and a US$25 million, 1-year revolving loan facility and has a term of five years and bears interest at 90 days LIBOR plus 4% (floor of 8.25%).
Mart Announces $0.05 Per Common Share Dividend and Finalization of US$100 Million Secured Term Loan Facility
- Mart announces declaration of a quarterly dividend of $0.05 per common share. The dividend is payable on July 18, 2013 to shareholders of record at the close of business on July 10, 2013. The ex-dividend date is July 16, 2013. - Mart has satisfied drawdown conditions in respect of a US$100 million secured term loan facility with Guaranty Trust Bank PLC to fund development activities on the Umusadege field, construction of the Umugini pipeline and provide working capital as required.
At the AGM? Wow. Next you're going to be predicting that the sun will come up tomorrow.
my mistake///this week.cheers
Me say Wade making you look bad, big guy.
Well, tomorrow is last day of next week. Let's see what happens.
Yeah. Is this like "Free Beer Tomorrow"?
me say you like next month.cheers
And what about the merger??
me say oil flow/less % loss.cheers
Well, we're about 45 days away from the AGM and so far, nada, and not looking overly promising at this point.
me makemoney///you watch.cheers
me tarzan you jane
STOCKWATCH MARKET SUMMARY
April 8, 2013 For more, visit Stockwatch.com
Energy Summary for April 5, 2013
2013-04-05 16:39 ET - Market Summary
by Stockwatch Business Reporter
New York Merc crude for May delivery lost 56 cents to $92.70 (all figures in this para U.S.). Brent for May fell $2.22 to $104.12. West Texas Intermediate lost 46 cents to $93.29, while Western Canadian Select traded at a discount of $13.64 to WTI ($79.65), up from a discount of $13.98. The TSX energy index added 1.78 points to close at 242.68.
Africa-focused stocks were some of the busiest today. Mart Resources Inc. (MMT), which is developing the Umusadege oil field in the Niger Delta, added 11 cents to $1.57 on 3.7 million shares. Production from Umusadege has been shut down since mid-February because Nigeria AGIP, the operator of the field's sole export pipeline, has been performing maintenance. This has been happening a lot lately. Over the last six months, Mart has produced about one-third of what it expected. AGIP's latest estimate for a restart date -- it had previously said the third week of March, then the first week of April -- is April 13 to 15, according to a conference call today withOando Energy Resources Inc. (OER: $1.41). Oando relies on the AGIP pipeline for production from its neighbouring Ebendo field. Like Mart, it is frustrated with the pipeline's frequent shutdowns (not to mention the heavy theft), so both companies are working on a second pipeline that will connect to Royal Dutch Shell's export facilities. Here too there are delays. Completion was originally expected in June, but that was soon bumped to September, and now there are rumours it will not be ready until late in the fourth quarter. Oando confirmed fourth quarter but did not give specifics.
MMT.v/MAUXF - video on BNN today..Peter Imhof, Investment Strategist, Sprott Asset Management...Still likes :)
http://watch.bnn.ca/#clip897771
At this point we'll be lucky to get $2 out of the merger and we'll still be 10% below where we were a month ago!
FWIW MMT video today on BNN about the price...Some good comments...
http://watch.bnn.ca/#clip891738
The Close : March, 2013 : March 25, 2013 : McCreath After Hours [03-25
I see Shell lifted the force majeure two days ago.
http://uk.finance.yahoo.com/news/shell-lifts-force-majeure-nigerian-152406042.html
me buy today///me want merger///45/90 prior a/g/m///fix pipe problem.cheers
Ex dividend today for another 5 cents per share. Thats 25 cents in dividends they have paid out since the summer.
Still buying Mart Martguy?
I also liked that guy - Chen:) Also, OJ on IH, who does a (((Huge))) amount of great DD, or is the D and (Fracking) D with his research :)
Chen Lin, What is Chen Buying? (2/20/13) "Recently Mart Resources Inc. has been going up like crazy. This really stands out, as energy juniors have been weak so far this year, especially those in the North America. . .the company should have significant news coming. . .and should get a huge boost of the new pipeline this year. . .the stock is on a huge run lately, but considering the recent drill successes and potential dividend increases, I think it still has room to go higher."
Same game different day. Knock it down first thing in the morning to scare out a few shares than move it up. Today they scared out a few and keep moving up the bid and are not getting a share. This puppy is strong.
BNN video today on Mart at about 2:20 market)
Hodson says "cheap" would be 6-7 dollar stock in N. America...Key is the pipeline...
Market Call : February 19, 2013 : Part Three [02-19-13 1:50 PM
http://watch.bnn.ca/#clip868183
Peter Hodson, Head of Research, 5I Research Inc. takes your questions on Osisko Mining (OSK), FP Newspapers (FP), Mart Resources (MMT), Boyd Group, and INTertainment (INT).
Mart Resources Ranked in TSX Venture 50 Again in 2013
Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") is pleased to announce that it has been recognized for the third consecutive year by the TSX Venture Exchange as one of the TSX Venture 50® companies in 2013.
The TSX Venture 50® are the top 10 companies listed on the TSX Venture Exchange, in each of five major industry sectors - mining, oil & gas, technology & life sciences, diversified industries and clean technology - based on a ranking formula with equal weighting given to return on investment, market cap growth, trading volume and analyst coverage. All data was as of December 31, 2012.
Wade Cherwayko, Chairman and CEO of Mart commented "We are very honoured that Mart has been included in the TSX Venture 50® for the third year in a row in 2013 and recognized as a company that has excelled in Canada's public venture market. I would like to thank our valued shareholders and all of Mart's directors, employees and consultants in Nigeria, Canada and the UK for their dedication and hard work that has helped Mart to achieve the success that has resulted in this ranking of top TSX Venture Exchange companies."
Mart Resources, Inc. was recognized as a TSX Venture 50® company in 2011, 2012 and 2013. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.
For more information, please contact Wade Cherwayko / Dmitri Tsvetkov at Mart's London, England office # +44 207 351 7937 or e-mail: Wade@martresources.com / dmitri.tsvetkov@martresources.com; or Investor Relations at toll free 1-888-875-7485. 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Contacts:
Mart Resources, Inc. - London, England Office
Wade Cherwayko / Dmitri Tsvetkov
Looks like the Big Boys are taken over :)
Other big cross today
11:45:59 V 2.07 0.01 766,900 89 Raymond James 89 Raymond James K
((sweet)) speaking of today :)
11:55:42 V 2.05 600,000 73 Cormark 73 Cormark K
MAUXF Some big trades going off in MAUXF also over 200K shares already.
You better believe it does.
$3 by Q2
Big trade 1,605,800 @ 2.05... Cormark to Cormark..they would know if something is brewing)
Mart just jumped to an all time high on big volume...something is up.
Nice close above $2 today.
Not mauxf news, but positive development for Nigeria if they are going out to bond markets.
http://www.bloomberg.com/news/2013-02-05/nigeria-vies-for-investors-as-yields-fall-south-african-credit.html
Hi Tim,
Agreed. I think we get news this week; let's see.
Good luck.
Hi KS:
There has been two good volumn days in the past week. Someone knows something.
Tim
New all-time high today...on big volume...something is up!!
depends on when they call in the third party engineers to update reserves. Most producers do it once a year, unless they have a reason like a lending facility that is tied to reserves or think that the market will be impressed by an increase.
Mart may not have a review scheduled in the near term and is taking their time on UM-10.
But we would get a bump in reserves, no?
<OT> Tim, I live on the coast in CT and had 3 feet of water in my house and no electricity for over a week. Really sucked!!
KS:
The flooding was not just a pipeline issue. Employees couldn't come to work, families in shelters. I'm sure this impacted the drilling and to what extent only the people at the company know.
When the sh** is hitting the fan I'm sure manaagement was doing the resource allocation cost benefit of what was a priority. It is not like they will be able to ship any new oil anytime soon.
As an investor I figure if the well is producing and shipping (with the pipeline up) by the end of the year things will be fine.
As an example Sandy was 3 months ago. I'm still having supply issues from NJ.
If you can't produce it, there's no hurry.
Hi Tim,
I appreciate "Nigerian time", but we're over 6 months on UMU-10 now...geez!!
Hi kaiser:
I think it will stay quiet till earnings release (which will be terrible) when they will also give an update on the pipeline(s) and UM 10.
We just have to wait and be patient. Remember it is Nigeria so it takes longer.
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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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