Mart Resources, Inc.: UMU-9 Well Test Results
Combined tested flow rate of 11,718 barrels of oil per day ("bopd") from the five sands tested in UMU-9 well consisting of: - 2,576 bopd stabilized flow rate achieved from the commingled XIIIa and XIIIb sands - 3,600 bopd stabilized flow rate achieved from the XIIa sand - 1,300 bopd stabilized flow rate achieved from the X sand - 4,242 bopd stabilized flow rate achieved from the XIV sand.
CALGARY, ALBERTA--(Marketwire - April 3, 2012) - Mart Resources, Inc. (TSX VENTURE:MMT.V - 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 (together "the Co-venturers") are pleased to announce the UMU-9 well flow rate test results for the XIIIa, XIIIb, XIIa and X sands.
Flow Test Results
During the commingled test of the XIIIa and XIIIb sands, the well flowed 42 API gravity oil through 3 1/2 inch tubing on a 28/64 inch choke at a flowing tubing pressure of 350 psi. Basic sediment and water (BS&W) was 1.0 % with no associated gas. A stabilized flow rate of 2,576 bopd was recorded from the commingled 16 foot XIIIa and 15 foot XIIIb sands.
The test of the XIIa sand was conducted through the 3 1/2 inch tubing on a 30/64 inch choke at a flowing tubing pressure of 290 psi. The well flowed 35 API gravity oil with BS&W of 0.8% with no associated gas. The 30 foot XIIa sand flowed at a stabilized test rate of 3,600 bopd.
The test of the X sand was conducted through the 3 1/2 inch tubing on a 28/64 inch choke at a flowing tubing pressure of 160 psi. The well flowed 40 API gravity oil with BS&W of 0.6% and an oil/gas ratio of 43 standard cubic feet per barrel. The 10 foot X sand flowed at a stabilized test rate of 1,300 bopd.
As previously announced, the test of the XIV sand was conducted through a 3 1/2 inch tubing on a 32/64 inch choke at a flowing tubing pressure of 480 psi. The well flowed 43 API gravity oil with BS&W of 0.2% and an oil/gas ratio of approximately 90 standard cubic feet per barrel. The 46 foot XIV sand flowed at a stabilized test rate of 4,240 bopd.
The combined flow rate of the five sands tested in the UMU-9 well is 11,718 bopd.
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.
INVESTOR RELATIONS:
Investors are also welcome to contact one of the following investor relation's specialists for all corporate updates and investor inquiries:
FronTier Consulting Ltd.
Mart toll free # 1-888-875-7485
Attn: Sam Grier or Caleb Gilani
Email: inquiries@martresources.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).
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