CALGARY, ALBERTA--(Marketwired - Nov. 13, 2014) -
- Umusadege field production averaged 9,698 barrels of oil per day ("bopd") during October 2014 based on calendar days; average field production based on production days was 13,092 bopd during October 2014.
- Umusadege field net deliveries into the export pipeline were approximately 298,185 barrels of oil ("bbls") in October 2014 before pipeline losses and approximately 235,704 bbls after deducting pipeline and export facility losses estimated by Mart for October 2014 based upon the 12-month rolling average rate of actual pipeline and export facility losses.
- Pipeline and export facility losses reported and allocated to Mart and its co-venturers for September 2014 were 42,404 bbls, or 21.5% of total crude oil deliveries into the export pipeline.
- Aggregate downtime during October 2014 totalled approximately 8 days.
- The UMU-13 well was spudded in late October 2014.
Mart Resources, Inc. (TSX:MMT) ("Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Limited ("Midwestern", Operator of the Umusadege field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field production for October 2014 and other operations.
October 2014 Production Update
Umusadege field production during October 2014 averaged 9,698 bopd. Aggregate Umusadege field downtime during October 2014 was approximately 8 days due to a combination of shutdowns of the Nigerian Agip Oil Company Limited ("NAOC") export pipeline resulting from a lack of storage capacity at the Brass River export terminal due to export shipment delays and other operational interruptions including general pipeline repairs and maintenance. There were two full down days during the month. The average field production based on producing days was 13,092 bopd in October 2014.
Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for October 2014 were approximately 298,185 bbls before pipeline losses. Based upon the 12-month rolling average rate of pipeline and export facility losses from October 2013 to September 2014 of 20.95%, Mart estimates pipeline and export facility losses for October 2014 will be approximately 62,481 bbls. Using this estimated pipeline and export facility loss volume, Mart estimates that the total net crude deliveries into the NAOC export pipeline from the Umusadege field for October 2014 less estimated pipeline losses will be 235,704 bbls.
Pipeline and export facility losses reported by NAOC and allocated to Mart and its co-venturers for September 2014 were 42,404 bbls, or 21.5% of total crude oil deliveries into the export pipeline for that month. Pipeline and export facility losses allocated to Mart and its co-venturers from January to September 2014 have averaged 18.0% of total crude oil deliveries into the export pipeline for 2014.
As previously announced, total net crude oil deliveries into the export pipeline from the Umusadege field for September 2014 were approximately 197,274 bbls. Accordingly, after deducting the actual pipeline and export facility losses allocated for September 2014, the total net crude oil deliveries less losses for September 2014 were 154,870 bbls. Mart previously estimated pipeline and export facility losses for September 2014 to be approximately 42,483 bbls, based upon the 12-month rolling average rate of pipeline and export facility losses of 21.54% between September 2013 and August 2014. October 2014 pipeline and export facility losses have not yet been reported by NAOC.
Umusadege Drilling Update
The UMU-13 well was spudded on October 28, 2014. UMU-13 is a vertical appraisal well with exploration prospects that has a target depth of 9,118 feet and is intended to appraise the east prospect on the Umusadege license.
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.