Mart Resources, Inc.: Combined Test Rate From UMU-8 Well 7,661 Barrels Oil Per Day
CALGARY, ALBERTA, Oct 11, 2011 (Marketwire via COMTEX News Network) --
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 pleased to provide an operational update on the Umusadege field, onshore Nigeria.
UMU-8 Well Update
Extended testing on the UMU-8 well was conducted on the XIIb sand, a 26 foot oil zone, which flowed at a stabilized rate of 2,316 barrels oil per day ("bopd") of 40 API gravity oil through 3 1/2 inch tubing on a 32/64 inch choke at a flowing tubing pressure of 120 psi. Basic sediment and water ("BS&W") was 0%. The combined test rate from zones XIIa, XIIb and XV in the UMU-8 well is 7,661 bopd.
Well testing on zones IX and XI sands completed in the 2 3/8 inch tubing did not flow oil to the surface during initial testing. Production logging will be performed to identify the possible problems that caused this result, which may include a bad cement bond on the casing, leaks in the completion packers, or near well-bore formation damage caused by drilling mud.
September 2011 Production Update
Crude oil deliveries into the export pipeline from the Umusadege field through the month of September 2011 averaged 7,076 bopd. Aggregate Umusadege field downtime over this period was approximately 2.38 days due primarily to shutdown of third party export pipelines.
Negotiations with the operator of the export pipeline to increase capacity are ongoing.
The UMU-9 well drilling location has been completed and the Company is preparing to move the NRG 201 rig to the site. Flow lines from the UMU-9 well head location to the manifold are nearing completion. It is anticipated that the rig will commence mobilization by mid-October.
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.
Note: 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, statements (express or implied) concerning the timing or success of completion operations on the UMU-8 well and the ability of the Company to successfully complete and commercially produce, transport and sell oil from the UMU-8 well (or any one or more of the hydrocarbon sands identified by the UMU-8 well), should all be viewed as forward-looking statements. The well log interpretation indicating hydrocarbon bearing sands are not necessarily indicative of future production.
In addition, statements (express or implied) concerning the allocation of export and pipeline capacity to the Umusadege field from the third party pipeline owners, should be viewed as forward looking statements. There is no assurance that additional pipeline export volumes will be made available to the Umusadege field.
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 not 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.
SOURCE: Mart Resources, Inc.
Mart Resources, Inc. - London, England Wade Cherwayko +44 207 351 7937 Wade@martresources.com Mart Resources, Inc. Investor Relations Toll Free: 1-888-875-7485 www.martresources.com
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