Mart Resources, Inc.: February 2013 Production Update
- Umusadege field production averaged 6,458 barrels of oil per day
("bopd") during February 2013 based on calendar days; average field
production based on production days was 12,740 bopd during February
- Umusadege field net deliveries into the export pipeline were
approximately 181,000 barrels of oil ("bbls") in February 2013 before
CALGARY, ALBERTA -- (Marketwire) -- 03/08/13 -- 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 February 2013.
February 2013 Production Update
Umusadege field production during February 2013 averaged 6,458 bopd.
Umusadege field downtime during February 2013 was 14 days due mainly
to maintenance on the export pipeline performed by the pipeline
operator. The average field production based on producing days was
12,740 bopd in February 2013.
Total crude oil deliveries into the export pipeline from the
Umusadege field for February 2013 were approximately 181,000 bbls
before pipeline losses. Pipeline and export facility losses for
January 2013 as reported by the operator were 52,842 bbls or
approximately 14.1% of total crude deliveries. February pipeline and
export facility losses have not yet been reported by the pipeline
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 the following investor
relations specialists for all corporate updates and investor
FronTier Consulting Ltd.
Mart toll free # 1-888-875-7485
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.
Mart Resources, Inc. - London, England office
Wade Cherwayko / Dmitri Tsvetkov
+44 207 351 7937
Wade@martresources.com / email@example.com
Mart Resources, Inc.
Toll Free 1-888-875-7485
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