CALGARY, ALBERTA--(Marketwired - Nov 20, 2013) - 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 are pleased to announce initial flow rate test results for the UMU-11 well.
UMU-11 Initial Well Test Results
The UMU-11 well encountered 294 feet of gross oil pay in 13 sands. The well was intentionally drilled to a shallower depth than UMU-9 and UMU-10, therefore did not encounter the deeper sands from previous wells. The sands selected for completion in the UMU-11 well were the IX, XIIb, and XIIIb sands, with combined gross oil pay of 84 feet. Using dual tubing string technology, two of these zones can be produced separately and simultaneously. The cleanup and extended flow tests have been completed on the XIIb and XIIIb sands, with the IX sand still to be tested.
The testing of the XIIb sand yielded a stabilized rate of 3,650 bopd at 41 degree API crude oil on a 28/64 inch choke setting and flowing tubing head pressure of 500 psig. Basic sediment and water ("BS&W") was 0.4%.
During the test of the XIIIb sand, the well flowed 43.0 degree API crude oil at a stabilized rate of 1,520 bopd on a 32/64 inch choke setting and flowing tubing head pressure of 260 psig and BS&W of 0.4%.
One UMU-11 well test remains, being the individual testing of the IX sand. All sands have been initially tested on restricted choke setting during cleanup. Following the cleanup operations, each sand will undergo multirate flow testing on various choke sizes.
Wade Cherwayko, CEO of Mart Resources, stated: "The initial flow rates from UMU-11 are some of the best we have had to date, in particular from the XIIb sand. This establishes the capability of the field to deliver additional production when the pipeline constraints are removed."
Further updates will be provided once testing has been completed and results are available.
Mart Presenting at Africa Oil Week Conference in Cape Town
Wade Cherwayko, Chairman and CEO of Mart, will be a presenter at the Africa Oil Week Conference in Cape Town, South Africa on November 25-29, 2013. Links containing the locations and details of the conferences are available on Mart's website under Investor Centre / Events Calendar - www.martresources.com.
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 test the UMU-11 well or commercially produce, transport or sell oil from the UMU-11 well (or any one or more of the sands identified by the UMU-11 well). There is no assurance that pipeline and export facility losses will not continue in the future. Such losses could be material. Statements (express or implied) regarding the ability of the Company to successfully complete, test and commercially produce, transport and sell oil from the UMU-11 well (or any one or more of the hydrocarbon sands identified by the UMU-11 well), should all be viewed as forward-looking statements. The well log interpretations indicating hydrocarbon-bearing sands are not necessarily indicative of future production. There is no assurance that reserves will be assigned to such hydrocarbon bearing sands.
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.