CALGARY, ALBERTA — (Marketwired) — 05/08/13 — Mart Resources, Inc. (TSX VENTURE: MMT) (“Mart” or the “Company”) and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited are providing the following update on Umusadege field production for April 2013.
April 2013 Production Update
Umusadege field production during April 2013 averaged 4,148 bopd. Umusadege field downtime during April 2013 was 18.5 days due mainly to maintenance and repairs on the export pipeline performed by the pipeline operator. The average field production based on producing days was 10,864 bopd in April 2013.
Total crude oil deliveries into the export pipeline from the Umusadege field for April 2013 were approximately 150,500 bbls before pipeline losses, of which 124,500 bbls were from new production from the Umusadege field with the additional amount being deliveries from storage tanks injected into the export pipeline when pipeline operations resumed. There were no pipeline and export facility losses for March 2013, as the pipeline was shut down for all of March 2013. April pipeline and export facility losses have not yet been reported by the pipeline operator.
Additional information regarding Mart is available on the Company–s website at and under the Company–s profile on SEDAR at .
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).
Forward Looking Statements and Risks
Certain statements contained in this press release constitute “forward-looking statements” as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as “forward-looking statements”. These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, there is no assurance that there will not be future disruptions of the AGIP pipeline or that future repairs will not be required. Any future disruptions will materially and adversely affect the ability of the Company to transport, deliver and sell its crude oil production from the Umusadege field. Statements (express or implied) concerning the allocation of export and pipeline capacity to the Umusadege field from their third party pipeline owners, should also be viewed as forward looking statements.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should no place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management–s beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Contacts:
Mart Resources, Inc.
Wade Cherwayko / Dmitri Tsvetkov
England office # +44 207 351 7937
/
Mart Resources, Inc.
Investor Relations
Toll Free 1-888-875-7485