Mart Resources, Inc.
TSX VENTURE : MMT
March 15, 2012 09:15 ET
Mart Resources, Inc.: UMU-9 Well Update- Initial Flow Test Results
- 4,240 barrels of oil per day ("bopd") stabilized flow rate achieved from the XIV sand
- Four more zones perforated and completed in UMU-9 still to be tested
CALGARY, ALBERTA--(Marketwire - March 15, 2012) -
Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") and
its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the
Umusadege field) and SunTrust Oil Company Limited (together "the
Co-venturers") are pleased to announce the initial flow rate test
results for the UMU-9 well and an update on February 2012 Umusadege
UMU-9 Well Test Results
As previously announced, the UMU-9 well encountered gross
hydrocarbon pay of 430 feet from nineteen oil sands and one gas sand.
Five of the UMU-9 sands have now been perforated and completed. The
first extended flow test has been conducted on the 46-foot thick XIV
sand at a stabilized rate of 4,240 bopd.
During the test of the XIV sand, the well flowed 43.3 API
gravity oil through 3 1/2 inch tubing on a 32/64 inch choke at a flowing
tubing pressure of 480 psi. Basic sediment and water (BS&W) was 0.2
% with a gas/oil ratio of approximately 90 standard cubic feet per
Three UMU-9 well tests remain including the co-mingled
testing of the XIIIa and XIIIb sands via the 3 1/2 inch tubing, followed
by individual testing of the XIIa and X sands via the 2 7/8 inch
Further updates will be provided on these remaining targeted sands once testing has been completed and results are available.
February 2012 Production Update
Umusadege field production based on producing days during the
month of February averaged 11,229 bopd. Umusadege field downtime during
the month was approximately 6.5 days, primarily due to technical
problems at third party export pipeline facilities. The average oil
delivered to export storage tanks averaged 8,728 bopd.
Wade Cherwayko, CEO of Mart Resources stated: "Mart and its
partners are pleased and encouraged with the initial flow test results
from the UMU-9 well which demonstrate that the exceptional reservoir and
oil quality of the Umusadege field extend further than the area
previously assigned, and we are looking forward to receiving results
from testing the remaining perforated sands in the coming weeks."
Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Investors are also welcome to contact one of the following
investor relation's specialists for all corporate updates and investor
FronTier Consulting Ltd.
Mart toll free # 1-888-875-7485
Attn: Sam Grier or Caleb Gilani
Except where expressly stated otherwise, all production
figures set out in this press release, including bopd, reflect gross
Umusadege field production rather than production attributable to Mart.
Mart's share of total gross production before taxes and royalties from
the Umusadege field fluctuates between 82.5% (before capital cost
recovery) and 50% (after capital cost recovery).