Again in tonight's Energy Summary Wade Cherwayko's Mart Resources Inc. (MMT) lost nine cents to 61 cents on 6.48 million shares. On Friday, the Nigeria-focused producer put itself up for sale and said it was investigating CEO Cherwayko as to whether he had "complied with the company's code of conduct and internal policies." It is unclear whether the investigation is related to his sale of five million shares of Mart in December. The sales did not appear on SEDI until Thursday, Feb. 19, and may be related to his seemingly contentious divorce (see Friday's Energy Summary). This morning, Mart announced a new development in the drama: It has received an unsolicited, non-binding takeover offer. News of a suitor would ordinarily send a stock up, but the market may be spooked by the investigation of Mr. Cherwayko. Long-time investors may remember that his other Nigeria-focused promotions did not have happy endings. In the mid-1990s, his Abacan Resource Corp. was one of the hottest stocks on the TSX, climbing from $2.67 in late 1995 to $15.65 in early 1997. Investors were excited about its Ima field, which had impressive test rates and was put on production in late 1996. Production soon peaked at 27,000 barrels of oil a day. The high initial test rates, however, led Abacan to vastly overestimate the field's capabilities, and by December, 1997 -- a year after production started -- output was missing guidance and Abacan's stock was back at $2. The company put itself up for sale on Dec. 10, 1997. Two months after that, Mr. Cherwayko stepped down as president and CEO, and two years after that, Abacan (then under 10 cents) filed for bankruptcy. Mr. Cherwayko then had an AIM-listed promotion called Equator Exploration Ltd. It listed in December, 2004, at 100 pence, quadrupled to 405 pence by April, 2006, and then began to plummet on debt problems and program delays. It never did achieve production. In early 2009, it was suspended from trading, and by the end of that year, it had become a majority-owned subsidiary of Oando PLC. Oando reportedly paid three pence a share. Mr. Cherwayko was long gone by then; he stepped down as president and CEO in late 2007 and left the board in late 2008. He has been at Mart since mid-2002.