Yikes Profit 38 million - Highlights THREE MONTHS ENDED MARCH 31, 2012
?? Net income for Q112 was $38.2 million (
.11 per share) compared to net income of $7.8 million (
.02
per share) for the three months ended March 31, 2011 ("Q111").
?? Funds flow from production operations of $55.0 million (
.16 per share) for Q112 compared to $23.9
million (
.07 per share) for Q111 (see Note 1 to the Financial and Operating Results table on page 4
hereof regarding Non-IFRS measures).
?? Mart's share of Umusadege field oil produced and sold in Q112 was 631,202 barrels of oil ("bbls")
compared to 332,890 bbls for Q111.
?? The average price received by Mart for oil in Q112 was USD $115.61 per bbl (approximately $115.74 per
bbl) compared to USD $91.80 ($90.54 per bbl) for Q111.
?? Mart's average share of daily oil produced and sold for Q112 from the Umusadege field was 6,936 barrels
of oil per day ("bopd") compared to 3,698 bopd for Q111.
?? During Q112, the Umusadege field was shut-in for a total of 18 days (Q111 - 18 days) due to various
disruptions in the export pipeline, well testing activities, maintenance and modification of production
facilities.
?? Well tests were completed on the UMU-9 well in Q112 resulting in a combined stabilized flow rate of
11,718 bopd from the five sands tested.
?? In February 2012, Mart and Network Exploration & Production Nigeria Limited ("Network") mutually
?????????????????????????????????????????????????????????????? interest in the Qua Ibo field. Network has assumed responsibility for Mart's
previously outstanding liabilities of approximately USD $3.6 million for the Qua Ibo field and has also paid
Mart a USD $1.0 million termination fee. A gain of $4.6 million has therefore been recognized in Q112.