Mart Resources Inc MAUXF

Sure these past 6 mos are messy

[mjh9413]

However, they finished september with small over-nominated position which to me is okay as not delivered/not paid. They then had lousy pipeline with off and on delivery possibilities for the next 6 months and in good mos delivered less than  100K. However, again, they got paid for 600K bbls in Jan and feb for exports upto dec 31st so that money should appear in that qtrs P&L, possibly $50+MM to MMT if 63% payback...unfortunate part to that is they had about 300K bbls paid for but not delivered in that so they are still in a deficit position with AGIP (300K minus slightly less than 200K). However, for a third time, once AGIP get their finger in the dyke and oil flows again (we have been waiting all of march) hopefully we will see the 12K average daily flow and all will be righted in the Kingdom. They had $34MM cash at end of Sept after accruing the Oct div and then got that money on the 600K bbls, and then presumably some of that current restrcicted cash gets released...as stated, this has just been a lousy 6months as far as the pipeleine goes...bleeding AGIP and their bleeding pipes.