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Last C$0.56 CAD
Change Today +0.06 / 12.00%
Volume 769.5K
As of 4:00 PM 07/31/15 All times are local (Market data is delayed by at least 15 minutes).

mart resources inc (MMT) Snapshot

Open
C$0.50
Previous Close
C$0.50
Day High
C$0.56
Day Low
C$0.50
52 Week High
08/11/14 - C$1.45
52 Week Low
12/16/14 - C$0.45
Market Cap
199.9M
Average Volume 10 Days
817.2K
EPS TTM
C$0.02
Shares Outstanding
356.9M
EX-Date
03/27/15
P/E TM
27.9x
Dividend
--
Dividend Yield
4.46%
Current Stock Chart for MART RESOURCES INC (MMT)

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mart resources inc (MMT) Details

Mart Resources, Inc., an international upstream oil and gas company, explores for, acquires, develops, and produces oil and gas in the Federal Republic of Nigeria. The company principally holds interest in the Umusadege marginal oil field covering an area of approximately 3,771 gross acres located in Delta State, Nigeria. Mart Resources, Inc. was incorporated in 1994 and is headquartered in Calgary, Canada.

19 Employees
Last Reported Date: 03/31/15
Founded in 1994

mart resources inc (MMT) Top Compensated Officers

Interim Chief Executive Officer, Chief Financ...
Total Annual Compensation: C$600.3K
Chief Executive Officer (Leave of Absence)
Total Annual Compensation: C$875.4K
Managing Director of Nigerian
Total Annual Compensation: C$478.5K
Managing Director of NRG Drilling Nigeria Ltd
Total Annual Compensation: C$229.5K
Group Financial Controller
Total Annual Compensation: C$271.5K
Compensation as of Fiscal Year 2014.

mart resources inc (MMT) Key Developments

Mart Resources, Inc. Reports Operating Results for the Month Ended June 2015

Mart Resources Inc. reported operating results for the month ended June 2015. For the month, the company reported Umusadege field production averaged approximately 15,750 bopd resulting in total production of approximately 472,500 bbls. Aggregate calculated Umusadege field downtime during June 2015 was approximately 2.7 days (based upon days with production of more than 10,000 bopd being considered to have no downtime). There were shutdowns of the Trans Forcados export pipeline and the NAOC export pipeline during June 2015 due to operational interruptions for general pipeline maintenance and repairs due to vandalism, but ongoing production from the Umusadege field was managed by the ability of the field operator to alternate production between the Trans Forcados and NAOC export pipelines. The average field production based on producing days was approximately 17,300 bopd in June 2015. The combined net delivery of oil from the Umusadege field through the Umugini pipeline and NAOC export pipeline totaled approximately 454,050 bbls in June 2015 before estimated pipeline and export facility losses, and approximately 400,570 bbls after deduction of combined pipeline and export facility losses estimated for June 2015 by Mart. Drilling and testing update: As previously announced, the UMU-8 well was side-tracked and deepened to 9,506 feet. The sands selected for completion include XIIc, XIX, XXb, and XXI, with the XIX and XXb sands being commingled. The combined gross oil pay for the completed sands is 87 feet. The clean-up and initial flow testing has been concluded for the XXI and XIIc sands. In these tests, no sand or water production was observed. The initial flow testing of the XIIc sand was conducted over a six hour period and yielded a stabilized oil rate of 1,106 bopd of 35 API crude oil on a 28/64 choke setting and flowing tubing head pressure of 180 psig. Basic sediment and water (BS&W) was less than 1%, and the gas-oil-ratio (GOR) was 309 scf/bbl. The initial flow testing of the XXI sand was conducted over a five hour period and yielded a stabilized oil rate of 1,914 bopd of 50 API crude oil on a 36/64 choke setting and flowing tubing head pressure of 1,150 psig. Basic sediment and water (BS&W) was less than 1%, and the gas-oil-ratio (GOR) was 1,573 scf/bbl. The rig has been skidded to the UMU-14 horizontal well location and the well was spudded on July 12, 2015. As at July 15, 2015, the well is drilling ahead at 3,350 feet. The UMU-14 horizontal well is the fourth horizontal well in the Umusadege field, and is planned to target the VIII sand in the central-east area of the field. After drilling and completion of the UMU-14 horizontal well, the operator plans to clean up and test the commingled XIX and XXb sands, and conduct multirate production tests and bottom hole pressure buildup surveys for both the UMU-8 and UMU-14 wells.

Mart Resources, Inc. Reports Operating Results for the Month of May 2015

Mart Resources Inc. reported operating results for the month of May 2015. For the month, production averaged approximately 17,170 bopd resulting in total production of approximately 532,340 bbls for the month. Aggregate calculated Umusadege field downtime during May 2015 was approximately 4.7 days (based upon days with production of more than 10,000 bopd being considered to have no downtime). There were shutdowns of the Trans Forcados export pipeline during month due to operational interruptions for general pipeline maintenance and repairs due to vandalism, but ongoing production from the Umusadege field was managed by the ability of the field operator to alternate production between the Trans Forcados and NAOC export pipelines. The average field production based on producing days was approximately 20,250 bopd in May 2015. The combined net delivery of oil from the Umusadege field through the Umugini pipeline and NAOC export pipeline totaled approximately 521,320 bbls in May 2015 before estimated pipeline and export facility losses, and approximately 448,280 bbls after deduction of combined pipeline and export facility losses estimated for May 2015 by Mart. NAOC Export Pipeline Update: Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for May 2015 were approximately 280,340 bbls before pipeline losses. Based upon the 12-month rolling average rate of pipeline and export facility losses from December 2013 to November 2014 of 17.46%, Mart estimates NAOC export pipeline and Brass River export facility losses for May 2015 will be approximately 48,940 bbls. Accordingly, Mart estimates that the total net crude deliveries into the NAOC export pipeline from the Umusadege field for May 2015 less estimated pipeline losses will be approximately 231,400 bbls. Actual NAOC pipeline an export facility losses have not been allocated for April 2015 because allocation was suspended beginning in December 2014 by the Department of Petroleum Resources pending an approve loss computation formula. Drilling Update: The UMU-8 well was side-tracked and deepened to 9,506 feet. A seven-inch liner was run and cemented from 6,652 to 9,478 feet. The XIIc, XIX, XXb, and XXI were perforated and a dual string, sliding sleeve completion was installed to enable testing and potential production from multiple intervals. The XIIc sand is completed in the short string, the XIX and XXb commingled in the first interval for the long string, and the XXI sand as the second interval in the long string. Initial clean up and production testing is currently underway. Following the clean up and testing of the UMU-8 well, the rig will be skidded to an adjacent location on the same drilling pad to prepare for the drilling of the UMU-14 horizontal well, a new well in the central east area as a second well for the VII sand. After drilling and completion of the UMU-14 horizontal well, the operator plans to conduct multirate production tests and bottom hole pressure buildup surveys for both the UMU-8 and UMU- 14 wells.

Mart Resources, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2015

Mart Resources Inc. reported earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net loss of $17.49 million, or $0.049 loss per diluted share, compared to a net income of $14.46 million, or $0.040 per diluted share, for the same quarter ended March 31, 2014. Revenue was $33.55 million, compared to $57.57 million for the same quarter ended March 31, 2014. Loss from continuing operations before finance income and expenses was $14.87 million, compared to an income from continuing operations before finance income and expenses of $21.93 million for the same quarter ended March 31, 2014. Net loss before income taxes was $19.43 million, compared to a net income before income taxes of $20.82 million for the same quarter ended March 31, 2014.

 

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Industry Analysis

MMT

Industry Average

Valuation MMT Industry Range
Price/Earnings 47.8x
Price/Sales 0.9x
Price/Book 2.4x
Price/Cash Flow 2.8x
TEV/Sales NM Not Meaningful
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