Combined tested flow rate of 11,718 barrels of oil per day ("bopd") from the five sands tested in UMU-9 well consisting of: - 2,576 bopd stabilized flow rate achieved from the commingled XIIIa and XIIIb sands - 3,600 bopd stabilized flow rate achieved from the XIIa sand - 1,300 bopd stabilized flow rate achieved from the X sand - 4,242 bopd stabilized flow rate achieved from the XIV sand
CALGARY, ALBERTA--(Marketwire - April 3, 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 UMU-9 well flow rate test results for the XIIIa, XIIIb, XIIa and X sands.
Flow Test Results
During the commingled test of the XIIIa and XIIIb sands, the well flowed 42 API gravity oil through 3 1/2 inch tubing on a 28/64 inch choke at a flowing tubing pressure of 350 psi. Basic sediment and water (BS&W) was 1.0 % with no associated gas. A stabilized flow rate of 2,576 bopd was recorded from the commingled 16 foot XIIIa and 15 foot XIIIb sands.
The test of the XIIa sand was conducted through the 3 1/2 inch tubing on a 30/64 inch choke at a flowing tubing pressure of 290 psi. The well flowed 35 API gravity oil with BS&W of 0.8% with no associated gas. The 30 foot XIIa sand flowed at a stabilized test rate of 3,600 bopd.
The test of the X sand was conducted through the 3 1/2 inch tubing on a 28/64 inch choke at a flowing tubing pressure of 160 psi. The well flowed 40 API gravity oil with BS&W of 0.6% and an oil/gas ratio of 43 standard cubic feet per barrel. The 10 foot X sand flowed at a stabilized test rate of 1,300 bopd.
As previously announced, the test of the XIV sand was conducted through a 3 1/2 inch tubing on a 32/64 inch choke at a flowing tubing pressure of 480 psi. The well flowed 43 API gravity oil with BS&W of 0.2% and an oil/gas ratio of approximately 90 standard cubic feet per barrel. The 46 foot XIV sand flowed at a stabilized test rate of 4,240 bopd.
The combined flow rate of the five sands tested in the UMU-9 well is 11,718 bopd.
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 inquiries:
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).
Forward Looking Statements and Risks
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
In particular, there is no assurance that the Company will be able to successfully complete or commercially produce, transport or sell oil from the UMU-9 well (or any one or more of the sands identified by the UMU-9 well). There is no assurance that the Umusadege reservoir extends east of the existing field or that oil discovered in deeper sands will be capable of being commercially produced. Test results are not necessarily indicative of future stabilized production levels. Statements (express or implied) concerning the allocation of export and pipeline capacity to the Umusadege field from thir party pipeline owners, should be viewed as forward looking statements.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should no place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.