Mart Resources, Inc.: UMU-10 Well Update and December 2012 and January 2013 Operational Update

Mart Resources, Inc.: UMU-10 Well Update and December 2012 and January 2013 
Operational Update 
CALGARY, ALBERTA -- (Marketwire) -- 03/01/13 -- Mart Resources, Inc.
(TSX VENTURE:MMT)  


 
--  Testing of the UMU-10 well has been successfully completed on three
    sands and oil has flowed to surface and testing has been concluded. The
    Company will release updated results once the review and evaluation of
    the test data is completed. 
--  The rig has now been skidded to the last drill slot on the pad and the
    rig is being set up and upgraded to prepare for the UMU-11 well. 
--  The Operator plans to return to the UMU-10 well after drilling the UMU-
    11 well to carry out testing operations on the two remaining oil zones. 
--  Umusadege field production averaged 11,459 barrels of oil per day
    ("bopd") during January 2013; average field production based on
    production days was 11,841 bopd during January 2013.  
--  Umusadege field net deliveries into the export pipeline were
    approximately 355,000 barrels of oil ("bbls") in January 2013 before
    pipeline losses.  
--  Umusadege field production and deliveries into the export pipeline were
    shut down during November and for 24 days in December 2012. Umusadege
    field production averaged 2,705 bopd during December 2012; average field
    production based on production days was 11,980 bopd during December
    2012. Umusadege field net deliveries into the export pipeline were
    approximately 89,000 bbls in December 2012 before pipeline losses. 

 
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
announce additional initial flow rate test results for the UMU-10
well, updates on Umusadege field production, and an update on the
progress to tie into the Shell Export Pipeline.  
UMU-10 Well Test Results 
The UMU-10 well encountered 479 feet of gross hydrocarbon pay in 20
sands. Six of these sands, XVIIa & XVIIb (commingled), XVIIIa, XIX,
XXb, and XXI, have been perforated and completed for production. Any
two of these zones can be produced simultaneously using dual string
sliding sleeve completion technology. The sands completed in UMU-1
0
are expected to access 161 feet of the total 479 feet of gross pay in
the well.  
Flow rate tests during initial testing operations have now been
completed on the XVIIa&b (commingled) sands and the XVIIIa sand and
oil has flowed to surface. The results of these tests will be
released once the review and evaluation of the test data is
completed. 
As previously announced, the first extended flow rate test was
conducted on the XXI sand, the deepest of the sands to be tested, at
a stabilized rate of 1,943 bopd during initial well testing. During
the test of the XXI sand, the well flowed 55.3 API gravity oil
through 3 1/2 inch tubing on a 28/64 inch choke at a flowing tubing
pressure of 1260 psi. BS&W was 5% with a gas/oil ratio of
approximately 588 standard cubic feet per barrel.  
The rig has now been skidded to the last drill slot on the pad and
the rig is being set up and upgraded to prepare for the UMU-11 well.
The Operator plans to return to the UMU-10 well after drilling the
UMU-11 well to carry out the remaining two testing operations on
sands XXb and XIX in the long string. Multirate flow testing will
then be performed on all sands completed in the long string: XIX,
XXb, and XXI.  
December 2012 and January 2013 Production Update 
Umusadege field production during December 2012 averaged 2,705 bopd.
Umusadege field downtime during December 2012 totaled 24 days. The
average field production based on producing days was 11,980 bopd in
December 2012. 
Total crude oil deliveries into the export pipeline from the
Umusadege field for December 2012 were approximately 89,000 bbls
before pipeline losses. Pipeline and export facility losses for
December 2012 as reported to Mart by the pipeline operator were
14,919 bbls or approximately 16.7% of total crude deliveries. 
Umusadege field production during January 2013 averaged 11,459 bopd.
Umusadege field downtime during January 2013 totaled 1 day. The
average field production based on producing days was 11,841 bopd in
January 2013. 
Total crude oil deliveries into the export pipeline from the
Umusadege field for January 2013 were approximately 367,000 bbls
before pipeline losses. Pipeline and export facility losses for
January 2013 have not yet been reported to Mart by the pipeline
operator. 
In December 2012, 600,000 bbls were lifted from the export facility
on behalf of Mart and its co-venturers. Payment for these sales of
oil were received in January and February 2013, and Mart and its
co-venturers owe the exporter approximately 300,000 bbls as of the
end of January in connection with the December 2012 liftings. 
Production from the Umusadege field has been down for approximately
10 days in February 2013 due to a maintenance shutdown by the
pipeline operator. 
Shell Export Pipeline 
Mart and its co-venturers are proceeding with plans to provide a
second independent export pipeline for Umusadege field production.
The pipe arrived in Nigeria in late December and has been trucked to
site. Right-of-way agreements required for the construction of the
pipeline have been negotiated and completed, and clearing of the
pipeline right-of-way is underway and ongoing. It is anticipated that
ditching operations will begin shortly, and the pipeline construction
contractor will begin working from two locations: one near the
Umusadege field and one near the midpoint between Umusadege and the
Shell Export station. Other pipeline and facility design and
specification requirements are being completed and necessary
equipment is being procured and will be delivered concurrent with the
pipeline construction. 
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. 
INVESTOR RELATIONS: 
Investors are also welcome to contact one of the following investor
relations specialists for all corporate updates and investor
inquiries: 


 
FronTier Consulting Ltd.                                                    
Mart toll free # 1-888-875-7485                                             
Attn:  Sam Grier                                                            
       Timea Carlsen                                                        
Email: inquiries@martresources.com                                          

 
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, past production levels and crude oil deliveries are
not necessarily indicative of future production levels and crude oil
deliveries. In addition, statements (express or implied) concerning
the allocation of export and pipeline capacity to the Umusadege field
from the third party pipeline owners, should be viewed as forward
looking statements. There is no assurance that (1) Mart and its
co-venturers will be able to obtain additional information regarding
pipeline losses; or (2) there will not be future pipeline losses and
that such losses will not be at levels greater than those referenced
herein;  
There is no assurance that the testing program for the UMU-10 well
will be successful or will or will result in the successful testing
of the target sands identified by the well. Statements (express or
implied) regarding the ability of the Company to successfully
complete, test 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 is no assurance that the
drilling program for the UMU-11 well will be successful or will
successfully appraise the target sands of the well. Statements
(express or implied) regarding the ability of the Company to
successfully drill, complete and commercially produce and sell oil
from the UMU-11 well should be viewed as forward-looking statements.  
Negotiations regarding access to, and construction activities
relating to, the Shell Export Pipeline are ongoing and there is no
assurance that the Shell Export Pipeline will be completed or if
completed, that the Company will get access to the Shell Export
Pipeline, or if access is obtained, there is no assurance regarding
the timing of commencement of deliveries of oil to the pipeline or
the future volumes that will be available to the Company. 
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. 
Contacts:
Mart Resources, Inc. - London, England Office
Wade Cherwayko / Dmitri Tsvetkov
+44 207 351 7937
Wade@martresources.com / dmitri.tsvetkov@martresources.com 
Mart Resources, Inc.
Investor Relations
Toll Free 1-888-875-7485
www.martresources.com
 
 
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