CALGARY, ALBERTA -- (Marketwired) -- 04/23/13 -- Mart Resources, Inc. (TSX VENTURE: MMT) ("Mart" or the "Company") is pleased to announce its financial and operating results (all amounts in United States dollars unless noted), results of independent reserve evaluations and results of evaluation of prospective resources for the year ended December 31, 2012:
YEAR ENDED DECEMBER 31, 2012
-- Mart's share of Umusadege field oil produced and sold for the year ended December 31, 2012 was 1,844,389 barrels of oil ("bbls") compared to 1,803,459 bbls for the year ended December 31, 2011. The increase in volumes is primarily attributable to Mart's overall increase in production rates in 2012, but was offset by pipeline shutdowns that were more frequent and of longer duration in 2012 compared to 2011. Pipeline and export facility losses for 2012 for the Umusadege field as reported by Nigerian Agip Oil Company ("AGIP"), the operator of the export pipeline, were 466,992 bbls gross or approximately 13.6% of total Umusadege field crude deliveries during the year.-- In 2012 Mart declared dividends aggregating CDN $0.20 per common share, that were paid to shareholders following each of the quarters ended June 30, 2012 ($0.10 per share), September 30, 2012 ($0.05 per share) and December 31, 2012 ($0.05 per share).-- Mart's net income for the year ended December 31, 2012 totaled $58.0 million ($0.168 per share), compared to net income of $72.2 million ($0.215 per share) for the year ended December 31, 2011. Funds flow from production operations was $137.7 million ($0.398 per share) for the year ended December 31, 2012 compared to $145.7 million ($0.434 per share) for the year ended December 31, 2011 (see note regarding non-IFRS measures on page 3).-- Mart's share of average daily oil produced and sold from the Umusadege field for 2012 was 5,039 barrels of oil per day ("bopd") compared to 4,941 bopd in 2011.-- Mart's share of proved Umusadege field oil reserves net of royalties increased by 23% to 12.9 million bbls compared to 10.5 million bbls in 2011.-- Mart's share of proved plus probable Umusadege field oil reserves net of royalties increased by 27% to 17.7 million bbls compared to 13.9 million bbls as at December 31, 2011.-- The average sales price received by Mart for oil produced and sold in 2012 was $103.43 per barrel of oil ("bbl"), compared to $103.21 per bbl in 2011.
THREE MONTH PERIOD ENDED DECEMBER 31, 2012
-- Mart's share of average daily oil produced and sold for Q412 from the Umusadege field was 2,053 bopd compared to 4,697 bopd for Q411. There was a prolonged pipeline disruption that started on October 30, 2012 and ended on December 21, 2012 as a result of damage to the export pipeline and flooding at the Brass river export terminal. Consequently, there was no production from the Umusadege field in November 2012 and most of December 2012. During Q412, the Umusadege field was shut down for a total of 60 days (Q411: 17 days) due to various export pipeline disruptions and maintenance and modification of production facilities.-- On November 26, 2012, Mart declared a quarterly cash dividend of CDN $0.05 per common share. The quarterly dividend was paid to shareholders on January 8, 2013 in an aggregate amount of CDN $17.8 million.-- Net loss for Q412 was $3.9 million ($0.011 loss per share) compared to net income of $21.4 million ($0.063 per share) for the three months ended December 31, 2011 ("Q411"). The loss during the period was due to the export pipeline disruptions resulting in decreased revenue during the period. Funds flow from production operations was $16.0 million ($0.045 per share) for Q412 compared to $37.3 million ($0.111 per share) for Q411 (see note regarding non-IFRS measures on page 3).-- Mart's share of Umusadege field oil produced and sold in Q412 was 188,863 bbls compared to 432,166 bbls for Q411. The decrease in volume is primarily attributable to the export pipeline disruptions encountered during the period.-- The average sales price received by Mart for oil produced and sold in Q412 was $109.17 per bbl compared to $109.69 per bbl for Q411.-- Umusadege field pipeline and export facility losses for Q412 totaled 71,793 bbls gross, or approximately 17.5% of total crude deliveries from the Umusadege field for the period.