Mart Resources Inc MAUXF

DOUBLE PRODUCTION SOON ! $$$$$$$

[backflips]

Back in Nigeria, Mart Resources Inc. (MMT) added eight cents to $1.15 on 2.37 million shares. It has released results from its latest well in the Niger Delta's Umusadege field, and its chief executive officer, Wade Cherwayko, has also been taking advantage of Proactive Investors' services. He told an interviewer from Proactive Investors that current production of 13,000 barrels of oil a day is expected to double by the end of the second quarter of 2014, assuming that everything goes according to plan with a new pipeline. Mart currently uses just one pipeline for all of its production, but thieves steal about 25 per cent of the oil in transit. The company euphemistically refers to this as pipeline losses. It is now building a second pipeline that it figures will "lose" only 10 per cent of the oil. More importantly, it will allow Mart to move the several thousand barrels a day that it cannot move through the existing pipeline, because of capacity constraints. Mr. Cherwayko figured production would jump to over 25,000 barrels a day as soon as the second pipeline is commissioned at the end of 2014 (about a year behind schedule). Capacity from both pipelines is over 40,000 barrels a day. To increase production to that level, Mart is planning an "aggressive" drill program in 2014, and is also thinking about buying assets from majors. Mr. Cherwayko said the ideal announcement would combine an asset acquisition and a new listing on the London Stock Exchange, some time next year. He added that Mart expects to move to the TSX from the TSX-V "in the near term."