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Last C$0.58 CAD
Change Today -0.01 / -1.69%
Volume 965.2K
MMT On Other Exchanges
Symbol
Exchange
OTC US
Toronto
Frankfurt
As of 3:59 PM 03/27/15 All times are local (Market data is delayed by at least 15 minutes).

mart resources inc (MMT) Snapshot

Open
C$0.58
Previous Close
C$0.59
Day High
C$0.59
Day Low
C$0.57
52 Week High
06/17/14 - C$1.80
52 Week Low
12/16/14 - C$0.45
Market Cap
207.0M
Average Volume 10 Days
1.8M
EPS TTM
C$0.10
Shares Outstanding
356.9M
EX-Date
03/27/15
P/E TM
4.4x
Dividend
--
Dividend Yield
12.93%
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, is engaged in the exploration, development, and production of oil and gas in the Federal Republic of Nigeria. The company principally holds interest in the Umusadege oil field covering an area of approximately 3,771 gross acres located on-shore in Nigeria. Mart Resources, Inc. was incorporated in 1994 and is headquartered in Calgary, Canada.

30 Employees
Last Reported Date: 04/9/14
Founded in 1994

mart resources inc (MMT) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: C$703.4K
Chief Financial Officer and Director
Total Annual Compensation: C$483.4K
Managing Director of Nigerian
Total Annual Compensation: C$432.6K
Managing Director of NRG Drilling Nigeria Ltd
Total Annual Compensation: C$229.5K
Compensation as of Fiscal Year 2013.

mart resources inc (MMT) Key Developments

Mart Resources Inc. Acquires 45% Participating Interest in Nigerian Oil Mining Lease 18

Mart Resources Inc. announced that it is a member of a consortium that has acquired a 45% participating interest in Nigerian Oil Mining Lease 18 and all associated assets, wells, pipelines and infrastructure from The Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited, and Nigerian AGIP Oil Company Limited. The acquisition was completed pursuant to an Assignment Agreement between the Sellers and Eroton Exploration & Production Company Limited, a special purpose company owned directly or indirectly by the Consortium members. The remaining 55% participating interest of OML 18 is owned by the Nigerian National Petroleum Corporation. The total purchase price for the interest was $1.1 billion, not including acquisition costs. Mart holds an indirect working interest in OML 18 of approximately 10% through its share ownership of Martwestern Energy Limited that in turn owns 50% of the shares of Eroton. OML 18 covers an area of 1,035 square kilometers and includes the Alakiri, Awoba, Cawthorne Channel, Krakama, and Buguma Creek fields and related facilities. The Awoba field straddles into Oil Mining Lease 24. The acquired infrastructure includes flow stations together with associated gas infrastructure plus oil and gas pipelines within the OML 18 license area. According to SPDC, the assigned fields produced an average of approximately 14,000 gross barrels of oil equivalent per day of oil, condensate and gas during 2014.

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. Announces Initial Flow Test Results for the UMU-13 Well at Umusadege Field, Nigeria

Mart Resources Inc. announced initial flow test rate results for the UMU-13 well at the Umusadege field in Nigeria. The UMU-13 well encountered approximately 220 feet of gross oil pay in 11 sands. The UMU-13 well is a vertical well drilled to appraise a separate seismically-defined structure located east of the existing and producing Umusadege field. The sands selected for completion in the UMU-13 well were the XVIIb, XIX, and XXb sands, which have combined gross oil pay of 87 feet. During initial flow testing, each of the three sands was tested at multiple choke settings ranging from 16/64 inch up to 40/64 inch. In all tests, no sand production or water production was observed. The initial flow testing of the XVIIb sand was conducted over a 5.5 hour period and yielded a stabilized oil rate of 4,447 bopd of 49 API crude oil on a 40/64 inch choke setting and flowing tubing head pressure of 568 psig. Basic sediment and water ("BS&W") was less than 0.5%, and the gas-oil ratio ('GOR') was 53 standard cubic feet per barrel ('scf/bbl'). The initial flow testing of the XIX sand was conducted over an 8.5 hour period and yielded a stabilized oil rate of 5,120 bopd of 50 API crude oil on a 40/64 inch choke setting and flowing tubing head pressure of 1,183 psig. BS&W was less than 0.5%, and GOR was 577 scf/bbl. The initial flow testing of the XXb sand was conducted over an 8 hour period and yielded a stabilized oil rate of 3,742 bopd of 44.8 API crude oil on a 40/64 inch choke setting and flowing tubing head pressure of 1,268 psig. BS&W was less than 0.5%, and GOR was 1,268 scf/bbl.

 

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MMT

Industry Average

Valuation MMT Industry Range
Price/Earnings 5.8x
Price/Sales 0.9x
Price/Book 1.9x
Price/Cash Flow 2.2x
TEV/Sales NM Not Meaningful
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