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Re: Tim Lamb post# 583

Friday, 09/12/2014 8:10:45 AM

Friday, September 12, 2014 8:10:45 AM

Post# of 591
MART AUGUST UPDATE

Note pipeline losses lower than initially reported but downtime days higher than anticipated.

NEWS RELEASE
MART RESOURCES, INC.
September 11, 2014


OPERATIONS AND PRODUCTION UPDATE
• Umusadege field production averaged 7,847 barrels of oil per day (“bopd”) during August 2014
based on calendar days; average field production based on production days was 12,816 bopd
during August 2014.

• Umusadege field net deliveries into the export pipeline were approximately 243,143 barrels
of oil (“bbls”) in August 2014 before pipeline losses and approximately 191,102 bbls after
deducting pipeline and export facility losses estimated by Mart for August 2014 based upon the
12-month rolling average rate of actual pipeline and export facility losses.

• Pipeline and export facility losses reported and allocated to Mart and its co-venturers for
July 2014 were 31,324 bbls, or 14.9% of total crude oil deliveries into the export pipeline.

• Aggregate downtime during August 2014 totalled approximately 12.0 days.

• Umugini pipeline tie-in and start-up activities continue, but were delayed by heavy rains and
local community complications, which have now been resolved.

• Drilling of the UMU-4 side-track horizontal well has been completed, and the well is flowing
approximately 4,700 barrels of oil per day (“bopd”). The rig was skidded and operations commenced
on the UMU-12 well for a horizontal well design, targeting a completion in the VIII sand.

Calgary, Alberta – Mart Resources, Inc. (TSX: MMT) (“Mart” or the “Company”) and its co-
venturers, Midwestern Oil and Gas Company Limited (“Midwestern”, Operator of the Umusadege
field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field
production for August 2014 and other operations.

August 2014 Production Update

Umusadege field production during August 2014 averaged 7,847 bopd. Aggregate Umusadege field
downtime during August 2014 was approximately 12.0 days due to shutdowns of the Nigerian Agip
Oil Company Limited (“NAOC”) export pipeline resulting from operational interruptions due to
general pipeline repairs and maintenance. There were eight full down days during the month. The
average field production based on producing days was 12,816 bopd in August 2014.

Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for
August 2014 were approximately 243,143 bbls before pipeline losses. Based upon the 12- month
rolling average rate of pipeline and export facility losses from August 2013 to July 2014 of
21.44%, Mart estimates pipeline and export facility losses for August 2014 will be approximately
52,131 bbls. Using this estimated pipeline and export facility loss volume, Mart estimates that the
total net crude deliveries into the NAOC export pipeline from the Umusadege
field for August 2014 less estimated pipeline losses will be 191,012 bbls.

Pipeline and export facility losses reported by NAOC and allocated to Mart and its co-venturers
for July 2014 were 31,324 bbls, or 14.9% of total crude oil deliveries into the export pipeline for
that month. Pipeline and export facility losses allocated to Mart and its co-venturers from
January to July 2014 have averaged 17.5% of total crude oil deliveries into the export pipeline for
2014.

As previously announced, total net crude oil deliveries into the export pipeline from the Umusadege
field for July 2014 were approximately 210,566 bbls. Accordingly, after deducting the actual
pipeline and export facility losses allocated for July 2014, the total net crude oil deliveries
less losses for July 2014 were 179,242 bbls. Mart previously estimated pipeline and export facility
losses for July 2014 to be approximately 47,052 bbls, based upon the 12-month rolling average rate
of pipeline and export facility losses of 22.35% between July 2013 and June 2014. August 2014
pipeline and export facility losses have not yet been reported by NAOC.

Umugini Pipeline Update

The pipeline tie-in and start-up activities continue, but were delayed by heavy rains and local
community complications, which have now been resolved. The pre-commissioning activities are
continuing and metering facilities (LACT unit) to measure volume and quality of hydrocarbons
injected into the export pipeline are being tied-in. Midwestern, the company operating the
pipeline, now targets a start-up during September 2014.

Umusadege Drilling Update

The drilling, completion, clean up and preliminary testing of the UMU-4STH well is complete. The
well was side-tracked into the VII sand, landing a 900-foot lateral drain hole in clean, high
quality sand with an average oil column of 27 feet at 9,000 feet measured depth. The well was
flowed back for clean up and testing on various choke sizes for 41 hours, yielding a final test
averaging 4,702 bopd on a 40/64 choke at a surface flowing pressure of 180 psi over a three hour
period. The oil API gravity is 24.1 degrees, no sand with 0.1% bottom sediment and water (BS&W).
The complete test of the UMU-4 well, including bottom hole pressures, will be performed after
drilling of the UMU-12 well is completed. The rig has been skidded eight feet, and operations have
commenced on the UMU-12 well. This is a new well targeting a horizontal completion in the sand
VIII.

Mart Presenting at FirstEnergy Capital Global Energy Conference in London, England











































Wade Cherwayko, Chairman & CEO of Mart, will be a presenter at the Global Energy Conference in
London, England at 11:25 a.m. BST on September 16, 2014. Links containing the locations and details
of the conferences are available on Mart’s website under Shareholder Centre / Events Calendar –
www.martresources.com.

For more information, please contact Wade Cherwayko or Dmitri Tsvetkov at Mart’s London, England
office at # +44 207 351 7937 or by e-mail: Wade@martresources.com or
dmitri.tsvetkov@martresources.com; or in Canada contact Sam Grier at 403-270-1841 or e- mail:
sam.grier@martresources.com. 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.

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 t e Umusadege field
fluctuates between 82.5% (before capital cost recovery) and
50% (after capital cost recovery).

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