May 25, 2016 9:53 AM 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 2015.

Midwestern Oil & Gas Company Limited Key Developments

Mart Denies Sale Of Company

Mart Resources Inc. (TSX:MMT) announces that, in response to recent reports contained in the Nigerian press, it has not entered into a definitive agreement or transaction regarding a sale of the company to Midwestern Oil & Gas Company Limited or any other party. The press report has been removed from the Nigerian news agency's website as it is completely without merit and should be totally disregarded.

Midwestern Considers Funding Alternatives

Midwestern Oil & Gas Company Limited is looking for funding options. Further to ongoing discussions between Midwestern Oil and Gas Company Limited and Mart Resources Inc. (TSX:MMT), Midwestern has advised Mart that it is unable to conclude the financing required to consummate the contemplated transaction at the price agreed pursuant to the arrangement agreement, as amended, between Midwestern and Mart. Midwestern will continue to explore strategic alternatives with Mart in addition to alternative funding sources.

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.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 22, 2016
Mart Resources Inc.
Merger/Acquisition
January 22, 2016
MartWestern Energy Limited
 

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