CALGARY, ALBERTA--(Marketwire - Dec. 20, 2011) - 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 pleased to provide the following update on the UMU-9 well.
The UMU-9 well commenced drilling operations on November 18, 2011 and is currently at a depth of approximately 8,311 feet, concluding the intermediate vertical section of the well. Open-hole wireline logs have been run with results indicating a total of 11 hydrocarbon-bearing sands. The well logs indicate a cumulative gross oil pay of approximately 260 feet in the 11 sands encountered by the well to date.
The next phase of operations will include conducting pressure surveys on prospective zones and acquiring fluid samples. Well operations will then continue with running 9 5/8 inch casing in the open hole. The bottom hole deviated section of the well will then be drilled with an 8 1/2 inch hole to total measured depth of approximately 11,000 feet to explore the deeper untested targets (including the C0 sand) while running a measurement while drilling ("MWD") tool followed by a logging while drilling ("LWD") tool to evaluate the potential hydrocarbon bearing sands.
Wade Cherwayko, Chairman & CEO of Mart Resources, Inc., said "We are very encouraged with the initial open hole well log results in the UMU-9 well. These initial results indicate the potential extension of numerous shallow reservoirs discovered in previously drilled Umusadege wells and demonstrate the upside of the Umusadege field."
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 relation's specialists for all corporate updates and investor inquiries:
FronTier Consulting Ltd.
Mart toll free # 1-888-875-7485
Attn: Sam Grier
Note: 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 drilling program for the UMU-9 well will be successful or will successfully appraise the extensions of the shallower reservoirs as contemplated, or successfully deviate the deeper untested targets. Statements (express or implied) regarding the ability of the Company to successfully complete, test and commercially produce, transport and sell oil from the UMU-9 well (or any one or more of the hydrocarbon sands identified by the UMU-9 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.
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 not 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.