Finally
News for 'MAUXF' - (Mart Resources, Inc.: Pipeline Maintenance and Repairs Completed and Production from Umusadege Field Resumes - Umusadege field production and deliveries into the export pipeline resumed on April 17, 2013. - Maintenance and repairs on the export pipeline completed by the pipeline operator and pipeline operator returning to normal operations.)
CALGARY, ALBERTA, Apr 18, 2013 (Marketwired via COMTEX) -- Mart Resources, Inc.
(TSX VENTURE: MMT) ("Mart" or the "Company") and its co-venturers, Midwestern
Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil
Company Limited are providing the following update on Umusadege field production
operations.
Umusadege Production Resumes
Production from the Umusadege field resumed on April 17, 2013 following notice
given by Nigerian Agip Oil Company, the pipeline operator, that maintenance and
repairs to the export pipeline have been completed. Production and deliveries
into the export pipeline from the Umusadege field are expected to be increased
to normal levels over the next several days.
Additional information regarding Mart is available on the Company's website at
Note: Except where expressly stated otherwise, all production figures set out in
this press release, including barrels of oil per day ("bopd"), reflect gross
Umusadege field production rather than production attributable to Mart. Mart's
share of total gross production before taxes and royalties from the Umusadege
field fluctuates between 82.5% (before capital cost recovery) and 50% (after
capital cost recovery).
Forward Looking Statements and Risks
Certain statements contained in this press release constitute "forward-looking
statements" as such term is used in applicable Canadian and US securities laws.
Any statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future
events or are not statements of historical fact and should be viewed as
"forward-looking statements". These statements relate to analyses and other
information that are based upon forecasts of future results, estimates of
amounts not yet determinable and assumptions of management. Such forward looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.
In particular, past production levels and crude oil deliveries are not
necessarily indicative of future production levels and crude oil deliveries. In
addition, statements (express or implied) concerning the allocation of export
and pipeline capacity to the Umusadege field from the third party pipeline
owners, should be viewed as forward looking statements.
There can be no assurance that such forward-looking statements will prove to be
accurate as actual results and future events could vary or differ materially
from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements contained in this news release.
This cautionary statement expressly qualifies the forward-looking statements
contained herein.
Forward-looking statements are made based on management's beliefs, estimates and
opinions on the date the statements are made and the Company undertakes no
obligation to update forward-looking statements and if these beliefs, estimates
and opinions or other circumstances should change, except as required by
applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Contacts:
Mart Resources, Inc.
Wade Cherwayko / Dmitri Tsvetkov
England office # +44 207 351 7937
Wade@martresources.com / dmitri.tsvetkov@martresources.com
Mart Resources, Inc.
Investor Relations
Toll Free 1-888-875-7485
SOURCE: Mart Resources, Inc.
CONTACT: mailto:Wade@martresources.com
mailto:dmitri.tsvetkov@martresources.com
(C) 2013 Marketwire L.P. All rights reserved.
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SUBJECT CODE: Energy and Utilities:Oil and Gas
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