Mart Resources Inc MAUXF

Pipeline not done till Nov?

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OANDO ENERGY RESOURCES ANNOUNCES YEAR END RESULTS

Oando Energy Resources Inc. (OER or the group) has released its financial and operating results for the year ended Dec. 31, 2013. The audited consolidated financial statements and management's discussion and analysis (MD&A) pertaining to the period are available under the company's profile on SEDAR and on the company's website. All monetary figures reported herein are U.S. dollars unless otherwise stated.

Operational highlights

• Produced (sales) 1,457,000 barrels, averaging 3,991 barrels per day in production, for the year ended Dec. 31, 2013:
  • This represents a 1-per-cent decrease from the prior fiscal year;
• Average gross sales price realized per barrel of oil produced was $110 for the year ended Dec. 31, 2013;
• Capital expenditure of $120-million for assets in 2013;
• Drilled eight new development and exploration wells in 2013, adding 4,890 barrels per day of production capacity;
• Progressed construction of the 45,000-barrel-per-day Umugini pipeline, designed as an alternative evacuation route for the OML 56 asset:
  • Construction is expected to be completed by November, 2014;