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 20,330 barrels of oil per day ('bopd') during September 2015 based on calendar days; average field production based on production days was approximately 20,900 bopd during September 2015. Total production from the Umu... Friday, October 23, 2015
Mart Resources, Inc. (TSX:MMT) announces that it has entered into an arrangement agreement with Delta Oil Nigeria B.V.. Under the terms of the Arrangement Agreement, an indirect wholly-owned subsidiary of Delta will acquire all of the issued and outstanding common shares of Mart by way of a plan of ... Friday, October 16, 2015
Mart Resources, Inc. (TSX:MMT) announces that, in response to recent reports contained in the Nigerian press, it has not entered into a definitive agreement or transaction regarding a sale of the company to Midwestern Oil & Gas Company Limited or any other party. The press report has been removed fr... Monday, October 12, 2015
Mart Resources, Inc. (TSX:MMT) and its co-venturers, Midwestern Oil and Gas Company Limited and SunTrust Oil Company Limited are providing the following updates on Umusadege field production for August 2015 and other operations. Highlights Umusadege field production averaged approximately 17,970 ba... Friday, September 25, 2015
All Mart Resources News
Mart Resources, Inc. (TSX:MMT) announces that, further to its press releases of June 15, 2015, July 16, 2015, July 27, 2015 and August 18, 2015, under the terms of the Arrangement Agreement (as amended), Midwestern Oil and Gas Company Limited had until August 26, 2015 to complete the acquisition of ... Thursday, August 27, 2015