CALGARY, ALBERTA -- (Marketwired) -- 06/20/13 -- 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 providing the following update on the Umugini pipeline project.
Umugini Pipeline and Trans Forcados Export Pipeline
Construction of the Umugini pipeline is progressing from the location near the Umusadege field. Clearing of the right of way, stringing, welding and field joint coating of the pipeline has been completed on approximately 17 kilometers of the 51 kilometer pipeline. The pipeline has two segments. The first segment is from the Umusadege field south to the Ogini flow station on OML 26. This section is 22 kilometers in length and is where the 17 kilometers of pipeline construction has been completed. The second segment is from the Ogini flow station east to the Eriemu flow station. This section of the pipeline is being constructed along an existing right of way and will be twinning the existing pipeline currently operating between the Ogini flow station and the Eriemu flow station. Construction of the Umugini pipeline by Mart and its co-venturers is proceeding in accordance with plans to provide a second independent export pipeline for Umusadege field production. The pipeline contractor will soon begin working from a second location near the midpoint between Umusadege and the Trans Forcados export pipeline. The Umugini pipeline's gross transportation capacity will be approximately 45,000 barrels per day and it will connect the Umusadege field to the Trans Forcados export pipeline. The Trans Forcados export pipeline will deliver crude oil from Umusadege field to the Forcados export terminal operated by Shell. Negotiations regarding the crude handling agreement with the export pipeline and terminal operators are nearing completion.
Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Forward Looking Statements and Risks
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
There is no assurance that construction and completion of the Umugini Pipeline referenced herein will be completed within the timeframes indicated or at all or that Mart and its Co-venturers will be able to enter into an acceptable crude oil handling agreement. There is no assurance that the production capacity of the Umugini Pipeline will be adequate for future levels of Umusadege field oil production. Any new export pipeline will face risks generally associated with pipeline operations in Nigeria including the risk of pipeline disruption and line losses. There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should no place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should no place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
Mart Resources, Inc. - London, England
+44 207 351 7937
Mart Resources, Inc. - London, England
+44 207 351 7937
Mart Resources, Inc. - Canada
403-270-1841 or Toll Free: 1-888-875-7485
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