Mart Resources, Inc.: Pipeline Maintenance and Repairs Completed and Production
from Umusadege Field Resumes
- Umusadege field production and deliveries into the export pipeline
resumed on April 17, 2013.
- Maintenance and repairs on the export pipeline completed by the
pipeline operator and pipeline operator returning to normal
CALGARY, ALBERTA -- (Marketwired) -- 04/18/13 -- 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 operations.
Umusadege Production Resumes
Production from the Umusadege field resumed on April 17, 2013
following notice given by Nigerian Agip Oil Company, the pipeline
operator, that maintenance and repairs to the export pipeline have
been completed. Production and deliveries into the export pipeline
from the Umusadege field are expected to be increased to normal
levels over the next several 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.
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
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. This
cautionary statement expressly qualifies the forward-looking
statements contained herein.
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.
Wade Cherwayko / Dmitri Tsvetkov
England office # +44 207 351 7937
Wade@martresources.com / firstname.lastname@example.org
Mart Resources, Inc.
Toll Free 1-888-875-7485
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