Mart Resources Inc MAUXF

Who wants this mess

[redphoenix]

Not sure what arrangement is coming. But as a bag holder I'm concerned about the lack of transparency in our true value. We up production from OML 18 from 17,000 to 24,000. We have 2 pipelines and have yet to pump both lines for an extended period without disruption. The possibility of any offer other then MW seems unlikely.

[xmaster]

i think management should seriously consider raising money from existing shareholders.  enough to ride out 1 to 2 year and allow them to restructure their debts. like 10 cents per share would amount to 35 million hard cash.  As soon as we have this kind of cash, we will not be after MW but rather they after us. And current shareholders should have no issue ponying up another 10 cents

[mjh9413]

It is a mess and particularly as it is nigh impossible to get a read on MMT's value and what the heck is going on in the background. Their financials relate only to Umusadegene (sp) but the have a 10% interest in 24,000boepd (OML 18's June production) which is not accounted for in those NR numbers.They also have that interest in the Umigini pipeline.  Also the 50% capex share shown in

[Obeahman]

 Amen. Nice post

[wallgreens]

I concur. A lot of good points there. How does this company have an operations team that can drill, complete, and produce complicated wells still find themselves in this situation. Unfortunately its lack of leadership. They need someone who can be a real CEO and unlock the value. I'd at least boast up my ops team and act like they were going to operate onward to greener pastures. Reduce opex

[tsoprano1]

Unfortunately we are dealing with a level of criminal not normally seen. Many levels and extremely crooked. The BOD, Wade, MW, Nigerian officials, et al. T

[wallgreens]

UMU-4STH was a sidetrack horizontal in the VII sand, 900' lateral, IP=4700 bopd UMU-12 was a horizontal in the VIII sand, 1200' lateral, IP=5366 bopd I think UMU-14 is targeting the VII sand, I assume they'll go for at least a 1200' lateral.  The well should be capable of 5000 bopd if they get it down and completed. Not a great time to be drilling a well.  Succeed and it