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CALGARY, ALBERTA -- (Marketwire) -- 03/01/13 -- Mart Resources, Inc. (TSX VENTURE: MMT)
-- Testing of the UMU-10 well has been successfully completed on three sands and oil has flowed to surface and testing has been concluded. The Company will release updated results once the review and evaluation of the test data is completed.-- The rig has now been skidded to the last drill slot on the pad and the rig is being set up and upgraded to prepare for the UMU-11 well.-- The Operator plans to return to the UMU-10 well after drilling the UMU- 11 well to carry out testing operations on the two remaining oil zones.-- Umusadege field production averaged 11,459 barrels of oil per day ("bopd") during January 2013; average field production based on production days was 11,841 bopd during January 2013.-- Umusadege field net deliveries into the export pipeline were approximately 355,000 barrels of oil ("bbls") in January 2013 before pipeline losses.-- Umusadege field production and deliveries into the export pipeline were shut down during November and for 24 days in December 2012. Umusadege field production averaged 2,705 bopd during December 2012; average field production based on production days was 11,980 bopd during December 2012. Umusadege field net deliveries into the export pipeline were approximately 89,000 bbls in December 2012 before pipeline losses.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 pleased to announce additional initial flow rate test results for the UMU-10 well, updates on Umusadege field production, and an update on the progress to tie into the Shell Export Pipeline.
UMU-10 Well Test Results
The UMU-10 well encountered 479 feet of gross hydrocarbon pay in 20 sands. Six of these sands, XVIIa & XVIIb (commingled), XVIIIa, XIX, XXb, and XXI, have been perforated and completed for production. Any two of these zones can be produced simultaneously using dual string sliding sleeve completion technology. The sands completed in UMU-10 are expected to access 161 feet of the total 479 feet of gross pay in the well.
Flow rate tests during initial testing operations have now been completed on the XVIIa&b (commingled) sands and the XVIIIa sand and oil has flowed to surface. The results of these tests will be released once the review and evaluation of the test data is completed.
As previously announced, the first extended flow rate test was conducted on the XXI sand, the deepest of the sands to be tested, at a stabilized rate of 1,943 bopd during initial well testing. During the test of the XXI sand, the well flowed 55.3 API gravity oil through 3 1/2 inch tubing on a 28/64 inch choke at a flowing tubing pressure of 1260 psi. BS&W was 5% with a gas/oil ratio of approximately 588 standard cubic feet per barrel.
The rig has now been skidded to the last drill slot on the pad and the rig is being set up and upgraded to prepare for the UMU-11 well. The Operator plans to return to the UMU-10 well after drilling the UMU-11 well to carry out the remaining two testing operations on sands XXb and XIX in the long string. Multirate flow testing will then be performed on all sands completed in the long string: XIX, XXb, and XXI.
