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Mart Resources, Inc.: Oil Flow Commences Through Umugini Pipeline Oil flow has commenced through the 51-kilometer Umugini pipeline and into the Trans Forcados crude oil export pipeline system that connects to the Forcados oil export terminal


Wed Dec 03 10:49:59 2014 EDT

CALGARY, ALBERTA, Dec 3, 2014 (Marketwired via COMTEX News Network) --
Mart Resources, Inc. (TSX: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 the following update on Umugini pipeline
operations. Oil flow has commenced through the 51-kilometer long Umugini pipeline and
into the Trans Forcados crude oil export pipeline system that connects to the Forcados
oil export terminal. The commencement of continuous oil injections from the 12-inch
Umugini pipeline to the Trans Forcados export pipeline followed the completion of
pipeline tie-in at the Eriemu flow station and other start-up activities including
line fill. Mart holds an effective 15% interest in Umugini Asset Company Limited,
which is the owner of the Umugini pipeline. All agreements that are required to allow the shipment of crude oil to Forcados
oil export terminal have been completed and signed by all necessary parties. Mart
and its co-venturers plan to gradually increase the volume of oil delivery through
the Umugini pipeline in order to regulate Umugini pipeline start-up operations and
optimize production from the Umusadege field. The Umugini pipeline has an initial
estimated gross export capacity of 45,000 barrels of oil per day. The Umusadege
field has been allocated approximately 75% of Umugini pipeline capacity. The nomination,
loading and sale of oil from the Umusadege field are expected to commence in the
next 30 days. The Umugini pipeline opens up a second export route for Umusadege field oil
production and is expected to enable Mart and its co-venturers to significantly
increase the Umusadege field's present production and to accommodate future production
increases including from the recently drilled horizontal wells. The commencement
of continuous oil injections through the Umugini pipeline also enables Mart and
its co-venturers to balance the delivery of crude oil between the Forcados oil export
terminal and the Agip Kwale export hub. The utilization of multiple delivery and
export routes is expected to result in an improvement in export flexibility and
a reduction in pipeline disruptions. Full transport capability of the Umugini pipeline
is expected to be reached in the first quarter of 2015. Wade Cherwayko, Chairman & CEO of Mart, commented: "The commencement
of oil flowing through the Umugini pipeline is a significant milestone for Mart
and its co-venturers, Midwestern and SunTrust. The Umugini pipeline will provide
additional export capacity and will enable Mart and its co-venturers to more fully
optimize the current production potential of the Umusadege field. We are very pleased
that the Umugini pipeline is now up and running, and look forward to having the
capacity to increase production from the Umusadege field to significantly higher
volumes in the near future." 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 the Umusadege field fluctuates between 82.5% (before capital
cost recovery) and 50% (after capital cost recovery). Forward Looking Statements and Risks Certain statements contained in this press release constitute "forward-looking
statements" as such term is used in applicable Canadian and US securities laws.
Any statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future events
or are not statements of historical fact and should be viewed as "forward-looking
statements". These statements relate to analyses and other information that are
based upon forecasts of future results, estimates of amounts not yet determinable
and assumptions of management. Such forward looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any future
results, performance or achievements expressed or implied by such forward-looking
statements. In particular, there is no assurance regarding the gross transportation capacity
of the Umugini pipeline or when optimized production through the Umugini pipeline
will be achieved. There is no assurance that the transportation of oil through the
Umugini pipeline will result in increases in future production from the Umusadege
field. Any new export pipeline will face risks generally associated with pipeline
operations in Nigeria including the risk of pipeline disruption and line losses. There can be no assurance that such forward-looking statements will prove
to be accurate as actual results and future events could vary or differ materially
from those anticipated in such statements. Accordingly, readers should no place
undue reliance on forward-looking statements contained in this news release. The
forward-looking statements contained herein are expressly qualified by this cautionary
statement. Forward-looking statements are made based on management's beliefs, estimates
and opinions on the date the statements are made and the Company undertakes no obligation
to update forward-looking statements and if these beliefs, estimates and opinions
or other circumstances should change, except as required by applicable law. NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED
IN THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY
OF THE RELEASE. FOR FURTHER INFORMATION PLEASE CONTACT:
Mart Resources, Inc. - London, England
Wade Cherwayko
[phone]
[e-mail] Mart Resources, Inc. - London, England
Dmitri Tsvetkov
[phone]
[e-mail] Mart Resources, Inc. - Canada Sam Grier 403-270-1841 [e-mail]
www.martresources.com
SOURCE: Mart Resources, Inc.

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