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February 10, 2016 6:30 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


Founded in 2001


234 1 9032530 1


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

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.

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.

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