OTCPK:MAUXF - Post by User
Comment by
grommeton Sep 23, 2004 10:42am
431 Views
Post# 7955569
RE: my concerns
RE: my concernsCanaccord again...probably a financing in the works to get things up and running.
Mart Resources (MMT : TSX-V : $0.41)
Net Change: 0.04, % Change: 9.33%, Volume: 2,213,800
Ring-a-ding-dong dandy! - Ed Whalen. Shares of Mart Resources continued to
trade big volume on news that the company has signed an agreement with
Excel Exploration & Production to participate in the development of the
Eremor Oil Field in Nigeria. The Eremor Oil Field is located in Nigeria's
Niger Delta region and was recently awarded to Excel under the Nigerian
Government's marginal field allocation program. Fields allocated under this
program contain significant proven reserves determined by previous
drilling, but remain undeveloped. Oil has been produced in Nigeria by
multinational companies since 1958 with only limited interruptions despite
periods of civil and political unrest. The oil industry constitutes the
most important segment of the Nigerian economy and accounts for
approximately 90% of the country's total exports and approximately 75% of
total government revenue. Mart is headed by Wade Cherwayko, former Chairman
of Abacan Resources. Abacan was an international petroleum company with
interests in oil and gas properties located in West Africa (Nigeria and
Benin). As at June 30, 2004, Mart had approximately 62.2 million common
shares issued and outstanding.