Mart was one of the first foreign companies to establish partnerships with local Nigerian oil companies under the indigenous and marginal field programs, thus giving Mart strategic advantages due to the Company’s relationships and local industry knowledge. Mart is a strong supporter of the government’s initiatives to create indigenous Nigerian oil and gas as well as oil service companies.
Mart’s core focus is on acquiring and developing oil and gas assets in the prolific Niger Delta of Nigeria. Mart recognized a unique opportunity to participate with Nigerian indigenous companies in the development of low-risk, high-reward proven but undeveloped oil and gas fields remaining onshore and in the shallow waters of Nigeria. The Niger Delta is one of the most prolific hydrocarbon basins in the world where Mart, Midwestern Oil and Gas Co. Plc. (the Operator of the Umusadege field) and Suntrust Oil Company Ltd., are successfully developing the Umusadege Oil Field located onshore in Delta State.
Oil production commenced from the Umusadege field in 2008 and has produced over 3 million barrels of oil as of September, 2011. The field production increased to approximately 10,525 barrels per day by May, 2011. Our development program continually focuses on developing and evaluating the field’s production and reserve potential.
Mart looks forward to working with local Nigerian oil and gas companies in fulfilling the objectives of these important initiatives. Mart is evaluating new proven undeveloped oil and gas field acquisition opportunities with Nigerian companies with an objective of increasing production and reserve base.
Latest Mart Resources News
Mart Resources, Inc. (TSX:MMT) - Umusadege field production averaged approximately 15,750 barrels of oil per day during June 2015 based on calendar days; average field production based on production days was approximately 17,300 bopd during June 2015. Total production from the Umusadege field in Jun... Friday, July 17, 2015
Mart Resources, Inc. (TSX:MMT) is pleased to announce its financial and operating results (all amounts in United States dollars unless noted) for the three months ended March 31, 2015, including the Company's outlook and operations update: Three months ended 31 March 2015 Mart's share of average da... Friday, May 15, 2015
Mart Resources, Inc. (TSX:MMT) and its co-venturers, Midwestern Oil and Gas Company Limited (Operator of the Umusadege field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field production for March 2015 and other operations. March 2015 Aggregate Production Updat... Friday, April 24, 2015
After correctly predicting $47/bbl oil last year, Chen Lin, author of the popular stock newsletter What Is Chen Buying? What Is Chen Selling?, is licking his stock-picking chops at the bargains now available in international oil plays and the ones that could materialize stateside if the artificial p... Tuesday, April 7, 2015
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Umusadege field production averaged 17,050 barrels of oil per day during January 2015 based on calendar days; average field production based on production days was approximately 18,070 bopd during January 2015. Total production from the Umusadege field in January 2015 was approximately 528,560 barr... Friday, March 6, 2015