Mart Resources, Inc.: UMU-10 Well Update
CALGARY, ALBERTA -- (Marketwire) -- 11/05/12 -- 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 pleased to provide an update on
the UMU-10 well at the Umusadege field in Nigeria.
As previously announced, the UMU-10 well has reached a final total
drilling depth of approximately 9,757 feet. UMU-10 is an appraisal
well targeting the sands encountered in the UMU-9
exploration/step-out well, including the deep sand discoveries. Based
upon comprehensive open hole logging, the UMU-10 well encountered 479
feet of gross pay in 20 sands. The reservoirs encountered are
consistent with the findings in the UMU-9 well, with one additional
oil-bearing discovery in the UMU-10 well that was wet in UMU-9. The
five deep sand discoveries encountered in UMU-9, along with the
additional oil sand encountered in UMU-10, have not previously been
flowed to surface. These deep sands are the primary testing and
completion targets for the UMU-10 well.
Downhole pressure and fluid sample tests were taken over all
reservoirs. Preliminary evaluations based on log and drilling data
for the UMU-10 well show 19 light oil reservoirs and one
gas/condensate reservoir. These conclusions are consistent with
results of tests on the UMU-9 well. The down-hole fluid samples have
confirmed hydrocarbon type, and will provide critical information for
reservoir management and field development planning.
The completion program and production testing operations on the
UMU-10 well will continue through November 2012 and are expected to
take at least 30 days.
Additional information regarding Mart is available on the Company's
website at www.martresources.com and under the Company's profile on
SEDAR at www.sedar.com.
Investors are also welcome to contact one of the following investor
relations specialists for all corporate updates and investor
FronTier Consulting Ltd.
Mart toll free # 1-888-875-7485
Attn: Sam Grier
Note: Except where expressly stated otherwise, all production figures
set out in this press release, including barrels of oil per day
("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 the drilling and appraisal
program for the UMU-10 well will be successful or will result in the
successful appraisal of the target sands identified by the well.
Statements (express or implied) regarding the ability of the Company
to successfully complete, test, flow to surface and commercially
produce, transport and sell oil from the UMU-10 well (or any one or
more of the hydrocarbon sands identified by the UMU-10 well), should
all be viewed as forward-looking statements. The well log
interpretations indicating hydrocarbon-bearing sands are not
necessarily indicative of future production. There is no assurance
that reserves will be assigned to such hydrocarbon bearing sands.
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 not 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.
Mart Resources, Inc.
London, England office
+44 207 351 7937
Mart Resources, Inc.
Toll Free: 1-888-875-7485
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