Mart Provides Operational Updates for Umusadege Field

Source: www.gulfoilandgas.com 11/4/2011, Location: Africa

Mart Resources, Inc and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and Suntrust Oil Company Limited are pleased to provide an operational update on the Umusadege field, onshore Nigeria.

Rig Mobilized to UMU-9 Well Location
Mobilization of the NRG 201 drilling rig to the UMU-9 location has commenced. The UMU-9 well is located approximately 2½ kilometers from Mart’s UMU-8 well on a previously constructed three slot drilling pad. It is currently anticipated that the UMU-9 well drilling operations will commence by the end of November 2011.

October 2011 Production Update
Crude oil deliveries into the export pipeline from the Umusadege field for the month of October 2011 averaged 7,209 barrels of oil per day (bopd). Umusadege field downtime for October was approximately 4.1 days due mainly to third party pipeline operational shutdowns and export facility capacity curtailments. Negotiations with Agip, the Nigeria operator of the export pipeline, to increase export capacity for the Umusadege field have been ongoing and are nearing conclusion.


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