Mart Resources Inc MAUXF

This will be the next MMT......

[DDiscovery]

Although I have never posted on MMT's board before I am a happy holder of its shares with no intention to sell anytime soon.

 

I urge investors in emerging Nigerian oil producers to take a very serious look at James Bay Resources (JBR.V). Yesterday they announced to have obtained a 47% interested in a high potential oil field with a proven resource in the OML-90 block. This field was discovered by Chevron in the 90's. Sproule is currently working on the 51-101 and will release it within 4 weeks. JBR management expects production to start very shortly in H1 2013 and I know they foresee a lot of upside, both in terms of the resource as in daily production. JBR's 47% stake should net them at least 2,000 to 3,000 BOPD at the very start, which is amazing if one realizes that the market cap is a tiny $20M.

 

The company is in very advanced negociations for a second asset in Nigeria, a huge onshore heavy oil project with a contingent resource of 6 billion barrels. This field was discovered by a US major many years ago. JBR hosted a dinner at the PDAC that was attended by the Nigerian Oil Minister. It is my understanding that he already gave his verbal approval back then, but as we know it requires a lot of patience in Nigeria before final contracts are drafted.

 

JBR reminds me of MMT when it was still trading at
.20 two years go. I would place it on your short list as a potential 5 to 10 bagger......