Investors are also welcome to contact the following investor relations specialists for all corporate updates and investor inquiries:
FronTier Consulting Ltd.
Mart toll free # 1-888-875-7485
Except where expressly stated otherwise, all production figures set out in this press release, including 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
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.
In particular, there is no assurance that the Company will be able to commercially produce, transport or sell oil from the UMU-10 well (or any one or more of the sands identified by the UMU-10 well) or successfully test the XXb or XIX sands. Statements (express or implied) regarding the ability of the Company to successfully complete, test and commercially produce, transport and sell oil from the UMU-10 well (or any one or more of the hydrocarbon sands identified by the UMU-10 well), should all be viewed as forward-looking statements. The well log interpretations indicating hydrocarbon-bearing sands are not necessarily indicative of future production. There is no assurance that reserves will be assigned to such hydrocarbon bearing sands. In addition, there is no assurance that there will not be future disruptions of the AGIP pipeline or that future repairs will not be required. Any future disruptions will materially and adversely affect the ability of the Company to transport, deliver and sell its crude oil production from the Umusadege field. Statements (express or implied) concerning the allocation of export and pipeline capacity to the Umusadege field from their party pipeline owners, should also be viewed as forward looking statements.
There is no assurance that Mart and its Co-venturers will be able to secure a second drilling rig or that drilling activities will occur within the timeframes indicated. There is no assurance that any future wells will be successfully drilled or if drilled, will be capable of commercial production.
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.
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 office
Wade Cherwayko / Dmitri Tsvetkov
+44 207 351 7937
Wade@martresources.com / email@example.com
Mart Resources, Inc.
Toll Free 1-888-875-7485
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