December 2012 and January 2013 Production Update
Umusadege field production during December 2012 averaged 2,705 bopd. Umusadege field downtime during December 2012 totaled 24 days. The average field production based on producing days was 11,980 bopd in December 2012.
Total crude oil deliveries into the export pipeline from the Umusadege field for December 2012 were approximately 89,000 bbls before pipeline losses. Pipeline and export facility losses for December 2012 as reported to Mart by the pipeline operator were 14,919 bbls or approximately 16.7% of total crude deliveries.
Umusadege field production during January 2013 averaged 11,459 bopd. Umusadege field downtime during January 2013 totaled 1 day. The average field production based on producing days was 11,841 bopd in January 2013.
Total crude oil deliveries into the export pipeline from the Umusadege field for January 2013 were approximately 367,000 bbls before pipeline losses. Pipeline and export facility losses for January 2013 have not yet been reported to Mart by the pipeline operator.
In December 2012, 600,000 bbls were lifted from the export facility on behalf of Mart and its co-venturers. Payment for these sales of oil were received in January and February 2013, and Mart and its co-venturers owe the exporter approximately 300,000 bbls as of the end of January in connection with the December 2012 liftings.
Production from the Umusadege field has been down for approximately 10 days in February 2013 due to a maintenance shutdown by the pipeline operator.
Shell Export Pipeline
Mart and its co-venturers are proceeding with plans to provide a second independent export pipeline for Umusadege field production. The pipe arrived in Nigeria in late December and has been trucked to site. Right-of-way agreements required for the construction of the pipeline have been negotiated and completed, and clearing of the pipeline right-of-way is underway and ongoing. It is anticipated that ditching operations will begin shortly, and the pipeline construction contractor will begin working from two locations: one near the Umusadege field and one near the midpoint between Umusadege and the Shell Export station. Other pipeline and facility design and specification requirements are being completed and necessary equipment is being procured and will be delivered concurrent with the pipeline construction.
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.
Investors are also welcome to contact one of the following investor relations specialists for all corporate updates and investor inquiries:
FronTier Consulting Ltd.Mart toll free # 1-888-875-7485Attn: Sam Grier Timea CarlsenEmail: firstname.lastname@example.org
Note: Except where expressly stated otherwise, all production figures set out in this press release, including barrels of oil per day ("bopd"), reflect gross Umusadege field production rather than production attributable to Mart. Mart's share of total gross production before taxes and royalties from the Umusadege field fluctuates between 82.5% (before capital cost recovery) and 50% (after capital cost recovery).
Forward Looking Statements and Risks