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Last C$0.57 CAD
Change Today -0.01 / -1.72%
Volume 827.9K
MMT On Other Exchanges
Symbol
Exchange
Toronto
Frankfurt
As of 4:00 PM 04/27/15 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$0.58
Day High
C$0.58
Day Low
C$0.55
52 Week High
06/17/14 - C$1.80
52 Week Low
12/16/14 - C$0.45
Market Cap
203.5M
Average Volume 10 Days
796.6K
EPS TTM
C$0.11
Shares Outstanding
356.9M
EX-Date
03/27/15
P/E TM
4.5x
Dividend
--
Dividend Yield
13.16%
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$483.4K
Country Manager of Nigeria
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. Updates on Umusadege Field Production for March 2015

Mart Resources Inc. and its co-venturers, Midwestern Oil and Gas Company Limited and SunTrust Oil Company Limited are providing the following updates on Umusadege field production for March 2015 and other operations. Umusadege field production during March 2015 averaged approximately 19,000 bopd resulting in total production of approximately 588,860 bbls for the month. Aggregate calculated Umusadege field downtime during March 2015 was zero 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 March 2015 due to operational interruptions for general pipeline repairs and maintenance, ongoing production from the Umusadege field was minimally affected due to the ability of the field operator to alternate production between the two pipelines. The average field production based on producing days was approximately 19,000 bopd in March 2015. The combined net delivery of oil from the Umusadege field through the new Umugini pipeline and NAOC export pipeline totaled approximately 579,700 bbls in March 2015 before estimated pipeline and export facility losses, and approximately 503,560 bbls after deduction of combined pipeline and export facility losses estimated for March 2015 by Mart. Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for March 2015 were approximately 243,600 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 pipeline and Brass River export facility losses for March 2015 will be approximately 42,530 bbls. Accordingly, Mart estimates that the total net crude deliveries into the NAOC export pipeline from the Umusadege field for March 2015 less estimated pipeline losses will be approximately 201,070 bbls. As previously announced, total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for February 2015 were approximately 146,070 bbls. Actual NAOC pipeline and export facility losses have not been allocated for February 2015 because allocation was suspended beginning in December 2014 by the Department of Petroleum Resources pending an approved loss computation formula. Mart previously estimated pipeline and export facility losses for February 2015 to be approximately 25,500 bbls, based upon the 12-month rolling average rate of pipeline and export facility losses of 17.46% between December 2013 and November 2014. The NAOC export pipeline was shut down for five days in early April 2015 due to vandalism of the ASE pipeline. The NAOC export pipeline resumed normal operations on April 11, 2015. The NAOC pipeline was also shut down from April 16 to 19, 2015 because of a lack of storage capacity at the Brass River export terminal due to export shipment delays. Mart and its co-venturers have not received official reports from the operators of the Trans Forcados export pipeline or the Forcados oil export terminal stating actual oil injection volumes or pipeline and export facility losses for the Trans Forcados export system. Based upon Mart's internal production and facility data, the Company estimates that Umusadege field deliveries into the Trans Forcados export pipeline connected to the Forcados oil export terminal were approximately 336,100 bbls in March 2015. Based upon historic pipeline losses encountered by other exploration and production companies utilizing the Trans Forcados export system, Mart estimates pipeline and export facility losses of 10% of crude oil deliveries, resulting in estimated Umusadege field deliveries of approximately 302,490 bbls for March 2015 after deduction of estimated pipeline and export facility losses. The Umugini pipeline has been down since April 4, 2015 due to an explosion and spill that shut down the Trans Forcados pipeline. Repairs to the Trans Forcados pipeline have been completed and the system is expected resume normal operations soon. Operations have commenced on the UMU-8 well site to side-track and deepen the existing UMU-8 well. The UMU-8 drilling program is intended to appraise intervals below the XV sand, specifically horizons XVIII through XXI, which have not yet been penetrated in the central prospect. The target depth is approximately 8,500 feet. Trucking of crude oil from the UMU-13 well to the Central Processing Facility has commenced and will continue until a permanent flowline is constructed to tie the UMU-13 well into the facility. An average of about 1,400 bopd is currently being trucked from UMU-13, and the target volume is approximately 3,000 bopd.

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

Umusadege field production during February 2015 averaged approximately 19,230 bopd resulting in total production of approximately 538,330 bbls for the month. Aggregate calculated Umusadege field downtime during February 2015 was approximately 2.0 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 February 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. The average field production based on producing days was approximately 20,680 bopd in February 2015. The combined net delivery of oil from the Umusadege field through the new Umugini pipeline and NAOC export pipeline totaled approximately 510,040 bbls in February 2015 before estimated pipeline and export facility losses, and approximately 448,140 bbls after deduction of combined pipeline and export facility losses estimated for February 2015 by Mart. Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for February 2015 were approximately 146,070 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 pipeline and Brass River export facility losses for February 2015 will be approximately 25,500 bbls. Accordingly, Mart estimates that the total net crude deliveries into the NAOC export pipeline from the Umusadege field for February 2015 less estimated pipeline losses will be approximately 120,570 bbls. As previously announced, total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for January 2015 were approximately 306,960 bbls. Actual NAOC pipeline and export facility losses have not been allocated for January 2015 because allocation was suspended by the Department of Petroleum Resources pending an approved loss computation formula. Mart previously estimated pipeline and export facility losses for January 2015 to be approximately 53,590 bbls, based upon the 12-month rolling average rate of pipeline and export facility losses of 17.46% between December 2013 and November 2014. Mart and its co-venturers have not yet received official reported from the operators of the Trans Forcados export pipeline or the Forcados oil export terminal stating actual oil injection volumes or pipeline and export facility losses for the Trans Forcados export system. Based upon Mart's internal production and facility data, the Company estimates that Umusadege field deliveries into the Trans Forcados export pipeline connected to the Forcados oil export terminal were approximately 363,970 bbls in February 2015. Based upon historic pipeline losses encountered by other exploration and production companies utilizing the Trans Forcados export system, Mart estimates pipeline and export facility losses of 10% of crude oil deliveries, resulting in estimated Umusadege field deliveries of approximately 327,570 bbls for February 2015 after deduction of estimated pipeline and export facility losses.

Mart Resources Inc. Announces Earnings and Operating Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Capital Expenditures Guidance for the Year 2015

Mart Resources Inc. announced earnings and operating results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported funds flow from continuing production operations of $36,636,000 or $0.103 per basic share compared to $30,051,000 or $0.084 per basic share a year ago. Net income from continuing operations was $9,139,000 or $0.026 per diluted share against $11,341,000 or $0.032 per diluted share a year ago. Net income for the period was $8,973,000 or $0.025 per basic and diluted against $8,127,000 or $0.022 per basic and diluted share a year ago. Cash flows from operating activities was $4,380,000 against $39,541,000 a year ago. For the year, the company reported funds flow from continuing production operations of $154,154,000 or $0.432 per basic share compared to $101,276,000 or $0.284 per basic share a year ago. Net income from continuing operations was $37,819,000 or $0.106 per diluted share against $47,068,000 or $0.131 per diluted share a year ago. Net income for the period was $28,081,000 or $0.106 per basic and diluted against $35,461,000 or $0.131 per diluted share a year ago. Cash flows from operating activities was $97,679,000 against $66,743,000 a year ago. The higher cash flows from operating activities during the 2014 were primarily due to increased production due to fewer days of export pipeline and export facility shutdowns, offset by lower oil price, higher production costs, costs relating to taxes on venture production and business development and corporate costs for the year ended December 31, 2014 compared to the year ended December 31, 2013. The company’s share of average daily oil produced and sold for the year ended December 31, 2014 from the Umusadege field per calendar day was 6,469 barrels of oil per day ("bopd") compared to 4,000 bopd for the year ended December 31, 2013. The company’s share of average daily oil produced and sold for the year ended December 31, 2014 from the Umusadege field per production day was 8,761 bopd compared to 6,032 bopd for the year ended December 31, 2013. During the year ended December 31, 2014, the Umusadege field was shut down for a total of 95.5 days (2013: 123 days) due primarily to various disruptions, lack of storage capacity at the Brass River export terminal, and repairs and maintenance to the export pipeline and export facility. The company’s share of average daily oil produced and sold for the fourth quarter ended December 31, 2014 from the Umusadege field per calendar day was 9,004 bopd compared to 4,047 bopd for the three months ended December 31, 2013. The company’s share of average daily oil produced and sold for the fourth quarter 2014 from the Umusadege field per production day was 10,620 bopd compared to 5,910 bopd for the fourth quarter of 2013. During fourth quarter of 2014, the Umusadege field was shut down for a total of 14 days (Q4 2013: 29 days) due primarily to various disruptions, and repairs and maintenance to the export pipeline and export facility. Following the completion of the Umugini pipeline construction in the fourth of 2014, capital expenditures for 2015 are expected to be minimal, mainly relating to completion of remaining civics works, pumps and LACT units expenditure. The company expects to spend $2.0 million as capital expenditure for 2015 in respect of the Umugini pipeline.

 

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Price/Earnings 4.5x
Price/Sales 0.9x
Price/Book 1.8x
Price/Cash Flow 2.0x
TEV/Sales NM Not Meaningful
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