Mart Resources announce December 2015 production and Issue operations update

Mart Resources, Inc. (TSX: MMT) (“Mart” or the “Company”) and its coventurers,Midwestern Oil and Gas Company Limited (“Midwestern”, Operator of the Umusadege field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field production for December 2015 and other operations.

    Highlights:


• Umusadege field production averaged approximately 16,340 barrels of oil per day (“bopd”) during December 2015 based on calendar days; average field production based on production days was approximately 19,515 bopd during December 2015.
• Total production from the Umusadege field in December 2015 was approximately 506,550 barrels of oil (“bbls”).
• The combined net delivery of oil from the Umusadege field through the Umugini pipeline and the Nigerian Agip Oil Company Limited (“NAOC”) export pipeline totaled approximately 501,780 bbls in December 2015 before estimated combined pipeline and export facility losses, and approximately 445,970 bbls after deduction of combined pipeline and export facility losses for December 2015 as estimated by Mart.
• Aggregate calculated downtime during December 2015 totaled approximately five days.
• The UMU-16 well was spudded on December 6, 2015 to appraise the West Prospect. The well reached the final total depth of 11,372 feet on January 12, 2016. Logging and testing results will determine the potential of the West Prospect and will be released following data analysis and regulatory reporting and approval procedures.
• The UMU-15 well short string, completed in the XIV sand, has been production tested resulting in a final flow rate of 1,908 bopd.
• The UMU-15 well long string, completed in the XXa sand has been production tested resulting in a final flow rate of 1,084 bopd.
Read More: December 2015 Aggregate Production Update – Operations-Update
Source: Mart Resources, Inc.
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