Last C$1.36 CAD
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As of 1:18 PM 07/31/14 All times are local (Market data is delayed by at least 15 minutes).

mart resources inc (MMT) Snapshot

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06/17/14 - C$1.80
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mart resources inc (MMT) Details

Mart Resources, Inc., an international upstream oil and gas company, is engaged in the exploration, development, and production of oil and gas in the Federal Republic of Nigeria. The company principally holds interest in the Umusadege oil field covering an area of approximately 3,771 gross acres located on-shore in Nigeria. Mart Resources, Inc. was incorporated in 1994 and is headquartered in Calgary, Canada.

30 Employees
Last Reported Date: 04/9/14
Founded in 1994

mart resources inc (MMT) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: C$703.4K
Chief Financial Officer
Total Annual Compensation: C$483.4K
Managing Director of Nigerian
Total Annual Compensation: C$432.6K
Vice President of Finance - Nigeria
Total Annual Compensation: C$376.9K
Managing Director of NRG Drilling Nigeria Ltd
Total Annual Compensation: C$229.5K
Compensation as of Fiscal Year 2013.

mart resources inc (MMT) Key Developments

Mart Resources Inc., Midwestern Oil & Gas Company Limited and SunTrust Oil Company Limited Provides the Updates on Umusadege Field Drilling and Flow Testing Operations

Mart Resources Inc. and its co- venturers, Midwestern Oil and Gas Company Plc. and SunTrust Oil Company Limited are provided the following updates on Umusadege field drilling and flow testing operations. UMU-3 Side-Track Horizontal Initial Well flow test results: The UMU-3STH well, a horizontal side track of the original UMU-3 well, was drilled to target the oil bearing VI sand, which has average gross pay thickness in excess of 35 feet. The well was completed over a 787 foot horizontal section. During initial flow testing, the well was tested at multiple choke settings ranging from 16/64 up to 40/64 over a 28 hour test period. In all tests, no sand production or water production was observed. The testing of the VI sand yielded an oil rate of 4,893 bopd of 26.6 API crude oil on a 40/64 choke setting and flowing tubing head pressure of 190 psig during a three hour flow test. Basic sediment and water ("BS&W") was less than 0.5%. During the final test at choke setting of 40/64, the well was still showing signs of cleaning up, with gradually increasing flow rates. Therefore, the rate stated here is not defined as stabilized, but observed during cleanup and flow testing. UMU-4 Side-Track Horizontal Well: The drilling rig has been moved to the UMU-4 well location and is now rigged up on location. Operations to drill a side-track horizontal well targeting the VII sand are scheduled to begin shortly.

Mart Resources, Inc Announces Operations Results for the Month of June 2014

Mart Resources Inc. provided updates on Umusadege field production for June 2014. Umusadege field production during June 2014 averaged 6,793 bopd. Aggregate Umusadege field downtime during June 2014 was approximately 11.3 days due to a shutdown of the Nigerian Agip Oil Company Limited ("NAOC") export pipeline resulting from a lack of storage capacity at the Brass River export terminal due to export shipment delays, and other operational interruptions resulting from general pipeline repairs and maintenance. There were two full down days during the month. The average field production based on producing days was 10,871 bopd in June 2014. Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for June 2014 were approximately 203,786 bbls before pipeline losses. Based upon the 12-month rolling average rate of pipeline and export facility losses from June 2013 to May 2014 of 22.75%, Mart estimates pipeline and export facility losses for June 2014 will be approximately 46,353 bbls. Using this estimated pipeline and export facility loss volume, Mart estimates that the total net crude deliveries into the NAOC export pipeline from the Umusadege field for June 2014 less estimated pipeline losses will be 157,433 bbls. Total net crude oil deliveries into the export pipeline from the Umusadege field for May 2014 were approximately 322,086 bbls. Accordingly, after deducting the actual pipeline and export facility losses allocated for May 2014, the total net crude oil deliveries less losses for May 2014 were 248,849 bbls. Mart previously estimated pipeline and export facility losses for May 2014 to be approximately 73,971 bbls, based upon the 12-month rolling average rate of pipeline and export facility losses of 22.97% between May 2013 and April 2014. June 2014 pipeline and export facility losses have not yet been reported by NAOC.

Mart Resources Inc. Declares Quarterly Dividend, Payable on July 28, 2014

Mart Resources Inc. announced the declaration of a quarterly dividend of $0.015 per common share. The dividend is designated as an eligible dividend for the purposes of the Income Tax Act (Canada) and will be paid on July 28, 2014 to shareholders of record at the close of business on July 18, 2014. The ex-dividend date is July 16, 2014.


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