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April 25, 2015 7:28 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Midwestern Oil & Gas Company Limited

Company Overview

Midwestern Oil & Gas Company Limited produces oil and gas. Midwestern Oil & Gas Company Limited has strategic alliances with Suntrust Oil Company Nigeria Limited; and Mart Energy Services Limited. The company was founded in 2001 and is headquartered in Lagos, Nigeria.

11, Abimbola Awoniyi Close

Off Kasumu Ekemode Street

Off Saka Tinubu Street

Victoria Island

Lagos,  23401

Nigeria

Founded in 2001

Phone:

234 1 9032530 1

Fax:

234 1 9032533

Key Executives for Midwestern Oil & Gas Company Limited

Chief Executive Officer, Managing Director and Director
Financial Controller
General Manager of Technical
Company Secretary and Legal Adviser
Compensation as of Fiscal Year 2014.

Midwestern Oil & Gas Company Limited Key Developments

Mart Resources, Inc., Midwestern Oil and Gas Company Limited and SunTrust Oil Company Limited Provides Updates on Umusadege Field Production for January 2015

Mart Resources Inc. and its co-venturers, Midwestern Oil and Gas Company Limited and SunTrust Oil Company Limited provided updates on Umusadege field production for January 2015. Umusadege field production during January 2015 averaged approximately 17,050 bopd resulting in total production of approximately 528,560 bbls for the month. Aggregate calculated Umusadege field downtime during January 2015 was approximately 1.8 days (based upon days with production of more than 10,000 bopd being considered to have no downtime). Although shutdowns of both the NAOC and Trans Forcados export pipelines were experienced during January 2015 due to operational interruptions for general pipeline repairs and maintenance and due to vandalism, ongoing production from the Umusadege field was minimally affected due of the ability of the field operator to alternate production between the two pipelines. There were no full down days during January. The average field production based on producing days was approximately 18,070 bopd in January 2015. The combined net delivery of oil from the Umusadege field through the new Umugini pipeline and NAOC export pipeline totaled approximately 525,920 bbls in January 2015 before estimated pipeline and export facility losses, and approximately 450,430 bbls after deduction of combined pipeline and export facility losses estimated for January 2015 by Mart. Combined delivery of oil from the Umusadege field through the Umugini pipeline and NAOC export pipeline reached a record one-day volume of approximately 29,000 bopd in late January 2015.

Mart Resources, Inc., Midwestern Oil and Gas Company Plc. and SunTrust Oil Company Limited Announces That Update on the UMU13 Well At the Umusadege Field in Nigeria

Mart Resources Inc. and its co-venturers, Midwestern Oil and Gas Company Plc. and SunTrust Oil Company Limited announced that update on the UMU-13 at the Umusadege field in Nigeria. The UMU-13 well has reached a final total drilling depth of 9,300 feet. UMU-13 is a vertical appraisal well with exploration prospects drilled on a seismically defined structure located east of the existing and producing Umusadege field. Preliminary evaluations based on well logging, pressures, and drilling data indicate that the UMU-13 well encountered approximately 220 feet of gross pay in 11 sands. The sands encountered by the UMU-13 well are consistent with the indings of UMU-9 well, which was previously drilled west of the UMU-13 well on the main structure of the Umusadege field. The preliminary evaluations indicate nine light oil sands and wo gas/condensate sands with total gross pay of 162 feet and 58 feet respectively. Down-hole luid samples have been taken and laboratory results are pending. The down-hole fluid samples will be used to confirm hydrocarbon type and will provide critical information for reservoir management and future field development planning. The primary testing and completion targets for the UMU-13 well will be finalized upon receiving he down-hole fluid sample results. The completion program and production testing operations on the UMU-13 well will continue through December 2014.

Mart Resources, Inc. Provides Update on Umugini Pipeline Operations

Mart Resources Inc. and its co-venturers, Midwestern Oil and Gas Company Plc. and SunTrust Oil Company Limited are provided the update on Umugini pipeline operations. Oil flow has commenced through the 51-kilometer long Umugini pipeline and into the Trans Forcados crude oil export pipeline system that connects to the Forcados oil export terminal. The commencement of continuous oil injections from the 12-inch Umugini pipeline to the Trans Forcados export pipeline followed the completion of pipeline tie-in at the Eriemu flow station and other start-up activities including line fill. Mart holds an effective 15% interest in Umugini Asset Company Limited, which is the owner of the Umugini pipeline. All agreements that are required to allow the shipment of crude oil to Forcados oil export terminal have been completed and signed by all necessary parties. Mart and its co-venturers plan to gradually increase the volume of oil delivery through the Umugini pipeline in order to regulate Umugini pipeline start-up operations and optimize production from the Umusadege field. The Umugini pipeline has an initial estimated gross export capacity of 45,000 barrels of oil per day. The Umusadege field has been allocated approximately 75% of Umugini pipeline capacity. The nomination, loading and sale of oil from the Umusadege field are expected to commence in the next 30 days. The Umugini pipeline opens up a second export route for Umusadege field oil production and is expected to enable Mart and its co-venturers to significantly increase the Umusadege field's present production and to accommodate future production increases including from the recently drilled horizontal wells. The commencement of continuous oil injections through the Umugini pipeline also enables Mart and its co-venturers to balance the delivery of crude oil between the Forcados oil export terminal and the Agip Kwale export hub. The utilization of multiple delivery and export routes is expected to result in an improvement in export flexibility and a reduction in pipeline disruptions. Full transport capability of the Umugini pipeline is expected to be reached in the first quarter of 2015.

Similar Private Companies By Industry

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
February 23, 2015
Mart Resources Inc.
Merger/Acquisition
October 21, 2014
Nigerian Oil Mining Lease 18
 

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