Read through the notice of annual meeting over the weekend and just voted my shares in favor of all board recommended items. If your not going to the AGM then you need to vote prior to June 18th.
I do like the dividend reinvestment plan, between the 5% reduction from 5 day average MV and the potential tax deferral this seems like a good deal (I'm sure it will add to compliance record keeping on basis).
Not sure if I liked the option plan change which allows the company to loan funds to officers (this has been known to get companies in trouble from time to time) but I voted in favor anyway.
OPERATIONS AND PRODUCTION UPDATE • Umusadege field production averaged 10,237 barrels of oil per day (“bopd”) during May 2014 based on calendar days; average field production based on production days was 12,654 bopd during May 2014.
• Umusadege field net deliveries into the export pipeline were approximately 322,086 barrels of oil (“bbls”) in May 2014 before pipeline losses and approximately 248,115 bbls after deducting pipeline and export facility losses estimated by Mart for May 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 April 2014 were 71,643 bbls, or 28.8% of total crude oil deliveries into the export pipeline.
• Aggregate downtime during May 2014 totaled approximately 6.0 days, with no full down days during the month.
• Construction of the Umugini pipeline is substantially complete; hydro-testing is under way.
• Water disposal well drilled and completed in early June. The rig has been moved and directional drilling operations for the UMU-3 well commenced.
• Mart is one of the member companies of a consortium that has been confirmed as the preferred bidder to acquire an interest in a producing Nigerian Oil Mining Lease.
• Mart defers common share dividend.
• The 2014 Annual General and Special Meeting will be held on Friday, June 20, 2014 in Calgary, Alberta.
Calgary, Alberta – Mart Resources, Inc. (TSX: MMT) (“Mart” or the “Company”) and its co- venturers, Midwestern Oil and Gas Company Plc. (“Midwestern”, Operator of the Umusadege field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field production for May 2014 and other operations.
May 2014 Production Update
Umusadege field production during May 2014 averaged 10,237 bopd. Aggregate Umusadege field downtime during May 2014 was approximately 6.0 days due mainly to a shutdown of the Nigerian Agip Oil Company Limited ("NAOC") export pipeline resulting from a lack of storage capacity at the Brass River export terminal due to export shipment delays, combined with other minor operational interruptions. There were no full down days during the month. The average field production based on producing days was 12,654 bopd in April 2014.
Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for May 2014 were approximately 322,086 bbls before pipeline losses. Based upon the 12-month rolling average rate of pipeline and export facility losses from May 2013 to April 2014 of 22.97%, Mart estimates pipeline and export facility losses for May 2014 to be approximately 73,971 bbls. Using this estimated pipeline and export facility loss volume, the total net crude deliveries into the NAOC export pipeline from the Umusadege field for May 2014 less estimated pipeline losses is 248,115 bbls.
Pipeline and export facility losses reported by NAOC and allocated to Mart and its co-venturers for April 2014 were 71,643 bbls, or 28.8% 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 April 2014 have averaged 14.8% 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 April 2014 were approximately 249,056 bbls, so after deducting the actual pipeline and export facility losses allocated for April 2014, the total net crude oil deliveries less losses for April 2014 were 177,413 bbls. Mart previously estimated pipeline and export facility losses for April 2014 to be approximately 55,153 bbls, based upon the 12-month rolling average rate of pipeline and export facility losses of 22.14% between April 2013 and March 2014. May 2014 pipeline and export facility losses have not yet been reported by NAOC.
Umugini Pipeline Update
The Umugini pipeline construction is nearing completion. The first 49 kilometres (“km”) of the pipeline have been completed and backfilled. Stringing of another 2 km of pipe has been completed and welding, coating, radiograph testing has been completed on approximately 1 km of this 2 km section. The installation of a fiber optic cable that is part of the leak detection system has been completed on 50 km of pipeline. A 23 km section of the pipeline has been fully hydro-tested and preparation for hydro-testing on the remaining section is in progress.
Procurement of materials and equipment required to complete the pipeline pumping, monitoring and control facilities has been completed in preparation for hook-up and commissioning of the pipeline. Midwestern, which is managing construction of the Umugini pipeline, continues to estimate that pipeline construction will be completed by the end of June 2014. Pipeline commissioning will occur following completion of pipeline construction and installation of pipeline pumping, monitoring and control facilities.
Umusadege Drilling Update
The water disposal well was completed during early June, was drilled to a depth of 6400 feet and was completed in the I sand. The final test injection rate was over 5000 barrels of water per day at a surface injection pressure of 650 psi. The good injection rates into the sand will enable improved produced water management for the Umusadege field. Following completion of the water disposal well, the rig was skidded to the existing UMU-3 well location. Directional drilling operations were commenced on June 15, 2014. The UMU-3 well will be side-tracked into the VI sand with a 700 foot horizontal wellbore at a total vertical depth of approximately 7151 feet and a total measured depth of about 8549 feet. Completion of directional drilling operations on the UMU-3 well is anticipated in July 2014. After completing the UMU-3 well operations, the rig is scheduled to be moved to the UMU-4 location for a horizontal side-track into the VII sand.
Mart Participates in Consortium for Nigerian Oil Mining Lease
Mart is a member of a consortium (the “Consortium) that has been confirmed as the preferred bidder to acquire a participating interest in an oil mining lease (the “Property”) being divested by certain multi-national oil companies currently operating in Nigeria. The Consortium is currently negotiating the terms and conditions of the acquisition of a participating interest in the Property and has paid a deposit that will be applied against the acquisition cost of the Property should
the acquisition be completed. Although the Consortium is the preferred bidder, there is no assurance that the Consortium will successfully conclude its negotiations to acquire a participating interest in the Property. The acquisition of a participating interest in the Property by the Consortium is subject to numerous terms and conditions including Nigerian government approval.
Mart Defers Common Share Dividend
Pursuant to the Company’s dividend policy, the declaration of dividends is determined quarterly based upon Mart’s cash flows, liquidity, capital expenditure budgets, earnings, financial condition and other factors as the Board of Directors may consider appropriate from time to time. In view of Mart’s ongoing drilling program on the Umusadege field, additional capital required for the possible acquisition of the Property and uncertainty regarding timing of first oil through the Umugini Pipeline, Mart’s Board of Directors have deferred the decision to declare a quarterly dividend until the Board is able to fully assess the capital needs for the Company’s ongoing business and growth opportunities.
2014 Annual General and Special Meeting of Shareholders
As previously announced, Mart’s Annual General and Special Meeting (the “Meeting”) of Shareholders will be held at 3:00pm on Friday, June 20, 2014 at the Calgary Petroleum Club. The Meeting will be webcast for shareholders and others unable to attend the Meeting in person. To listen to the Meeting and view the meeting presentation materials, please visit the company’s website at www.martresources.com and connect using the link under AGM June 2014 in the Investor Centre section of the webpage or connect and register directly using the following link https://webcasts.welcome2theshow.com/martresources2014.com. The webcast will also be available on the company’s website for a period of time following the Meeting.
The Meeting will also be broadcast by teleconference and to access please dial 403-451-9838 (Local) or 1-888-231-8191 (North American Toll Free) and accessing conference ID 57624639.
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