MMT.v news: 6500 bpd first two zones!
Mart Resources, Inc.: UMU-6 Well Test Update
CALGARY, ALBERTA--(Marketwire - Dec. 9, 2010) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "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 report encouraging initial test results from the first and second of four planned production tests on the UMU-6 well located in the Umusadege field.
The first test on the UMU-6 well was conducted on the XVII oil zone, which is the deepest zone to be tested at 8,618 feet with 10 feet of oil pay. During the test, the well flowed at stabilized rates up to 3,102 barrels per day of 42.5 API gravity oil through 3 1/2 inch tubing on a 26/64 inch choke at a flowing tubing pressure of 575 PSI. Water production was less than 0.2% and the gas/oil ratio was approximately 51 standard cubic feet per barrel.
The second test was conducted on the XVI (b), a 20 foot oil zone, which flowed at stabilized rates up to 3,433 barrels per day of 40 API gravity oil through 3 1/2 inch tubing on a 22/64 inch choke at a flowing tubing pressure of 610 PSI. Water production averaged 0.3% and the gas/oil ratio was approximately 60 standard cubic feet per barrel.
The two additional zones to be tested are the XIII (b) with 23 feet of oil pay and the XIII (a) with 18 feet of oil pay. Further updates will be provided on these zones following completion of testing.
All of the UMU-6 well's primary objectives, including the XIII, XIV, XV and XVI sands were hydrocarbon bearing with preliminary results indicating gross oil pay of 40 feet, 24 feet, 6 feet and 18 feet from these sands respectively. A deeper XVII sand was also encountered with initial results indicating 8 feet of gross oil pay. The XIII, XIV, XV, XVI and XVII sands have not previously been assigned reserves in the Company's most recent NI 51-101 reserve report. The Company plans to update its reserve report once the current testing program of the four zones in the UMU-6 well has been completed.
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