Mart Resources, Inc. (TSX VENTURE:MMT) 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 update on Umusadege field production and drilling operations.
March 2012 Production Update
Umusadege field production during the month of March averaged 12,176 bopd based on production days. Umusadege field downtime during March 2012 was less than one day. Total crude oil deliveries into the export storage tanks from the Umusadege field for the month of March, adjusted for estimated pipeline losses, were approximately 351,400 barrels.
Following the successful completion of the UMU-9 well tests, which resulted in a combined stabilized flow rate of 11,718 bopd from the five sands tested, drilling operations are now moving to UMU-10. The NRG 201 drilling rig is skidding to the UMU-10 well slot on the current drilling pad. The primary objectives of the UMU-10 well will be the oil-bearing sands identified in the 8 1/2 inch deviated hole section of the UMU-9 well.
Qua Ibo Field Termination
Mart also announces that it has entered into an agreement pursuant to which Mart and Network Exploration & Production Nigeria Limited have amicably terminated Mart's participating interest in the Qua Ibo field. Under the terms of the agreement, Network has assumed responsibility for outstanding liabilities of approximately USD $3.2 million for the Qua Ibo field and has also paid Mart a USD $1.0 million termination fee.
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