Mart Resources Inc MAUXF

RE: RE: RE: RE: mart holdings

[oullins]

Milsy1,  Nice work but I would make a couple of corrections:

My understanding is that production days are closer to 290 to 300 days

You did not include:
G&A at $800K per month
NDCC  flat 3% of capex/opex budget

The royalty tax still confuses me.  I am not sure the Chart in the presentation is  correct. 
Taxes are:
Government 2.5% to 18.5%
Over ridding 3% to 7.5%

The combined taxes run at about 10% in Q1
Taking a 16% average for 2011 is not a bad assumption.

Production for UMU 7 and UMU 9 maybe closer to 4K BOPD.

I say UMU 9 because I think that it is the next well from the present pad, not UMU 8.

Be careful of Q1 results, they could be a lot less than we expect.  50K Barrels repayment to ENI per month is going to hurt.


Now for the good news.

The next pad for UMU 8 and UMU 10 is already built.  It was done back in 2008.  It can accomodate 3 wells.
That pad will be able to reach the new structure that was explored with EXP 2 a long time ago.  So, this could become UMU11.
Bottom line is that the next phase will come faster than expected.  Now that's a change.

Q3 will be the quarter so we still have a lot of time before we are really happy.

Cheers,