|By Marketwired .||
|July 16, 2014 08:31 AM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 07/16/14 --
-- Umusadege field production averaged 6,793 barrels of oil per day ("bopd") during June 2014 based on calendar days; average field production based on production days was 10,871 bopd during June 2014. -- Umusadege field net deliveries into the export pipeline were approximately 203,786 barrels of oil ("bbls") in June 2014 before pipeline losses and approximately 157,433 bbls after deducting pipeline and export facility losses estimated by Mart for June 2014 based upon the 12-month rolling average rate of actual pipeline and export facility losses. -- Pipeline and export facility losses reported and allocated to Mart and its co-venturers for May 2014 were 73,237 bbls, or 22.7% of total crude oil deliveries into the export pipeline. -- Aggregate downtime during June 2014 totaled approximately 11.3 days. -- Umugini pipeline construction is essentially complete and the upstream and downstream tie-ins are in progress. -- The UMU-3 side-track horizontal well was completed and flow testing from the VI sand is scheduled to begin shortly. The rig is being moved to the UMU-4 location for a horizontal side-track well targeting a completion in the VII sand.
Mart Resources, Inc. (TSX: MMT) ("Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Plc. ("Midwestern", Operator of the Umusadege field) and SunTrust Oil Company Limited are providing the following updates on Umusadege field production for June 2014 and other operations.
June 2014 Production Update
Umusadege field production during June 2014 averaged 6,793 bopd. Aggregate Umusadege field downtime during June 2014 was approximately 11.3 days due to (1) a shutdown of the Nigerian Agip Oil Company Limited ("NAOC") export pipeline resulting from a lack of storage capacity at the Brass River export terminal due to export shipment delays, and (2) other operational interruptions resulting from general pipeline repairs and maintenance. There were two full down days during the month. The average field production based on producing days was 10,871 bopd in June 2014.
Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for June 2014 were approximately 203,786 bbls before pipeline losses. Based upon the 12-month rolling average rate of pipeline and export facility losses from June 2013 to May 2014 of 22.75%, Mart estimates pipeline and export facility losses for June 2014 will be approximately 46,353 bbls. Using this estimated pipeline and export facility loss volume, Mart estimates that the total net crude deliveries into the NAOC export pipeline from the Umusadege field for June 2014 less estimated pipeline losses will be 157,433 bbls.
Pipeline and export facility losses reported by NAOC and allocated to Mart and its co-venturers for May 2014 were 73,237 bbls, or 22.7% of total crude oil deliveries into the export pipeline for that month. Pipeline and export facility losses allocated to Mart and its co-venturers from January to May 2014 have averaged 16.6% of total crude oil deliveries into the export pipeline for 2014.
As previously announced, total net crude oil deliveries into the export pipeline from the Umusadege field for May 2014 were approximately 322,086 bbls. Accordingly, after deducting the actual pipeline and export facility losses allocated for May 2014, the total net crude oil deliveries less losses for May 2014 were 248,849 bbls. Mart previously estimated pipeline and export facility losses for May 2014 to be approximately 73,971 bbls, based upon the 12-month rolling average rate of pipeline and export facility losses of 22.97% between May 2013 and April 2014. June 2014 pipeline and export facility losses have not yet been reported by NAOC.
Umugini Pipeline Update
The Umugini pipeline construction and tie-in are nearing completion. Pressure testing of the 23- and 28-kilometer sections of the pipeline is now complete. Delays in obtaining work permits and specialty pipeline equipment have been resolved. Controls, tanks, pumps and pig launcher facilities (for cleaning the line) are being installed on the upstream end of the pipeline, while the measurement and pig receiver facilities are being installed on the downstream end. The final road crossing to the tie-in manifold is complete. Planning for the commissioning, start-up and operation of the pipeline including finalization of the Crude Handling Agreement is ongoing. Midwestern, which is managing the construction and operation of the Umugini pipeline, is targeting a completion date in late July or August 2014.
Umusadege Drilling Update
Drilling operations have been completed on the UMU-3 side-track horizontal well. Total depth of the UMU-3 well is 8,549 feet and a sand screen completion has been installed in the 787 foot lateral section in the VI sand. Extended production testing is expected to commence shortly with results expected by the end of July. Further updates will be provided once testing is completed. Meanwhile, the rig is being moved to the UMU-4 well to execute a similar horizontal side-track, targeting the VII sand.
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 there will not be future disruptions of the NAOC pipeline or Brass River export terminal. 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 third party pipeline owners, should also be viewed as forward looking statements. Pipeline and export facilities losses are expected to continue in the future and such losses could be material. There is no assurance that there will not be adjustments to previously reported pipeline losses. There is no assurance that the estimates of current month pipeline losses will reflect actual pipeline losses once reported to the Company by NAOC. There is no assurance regarding that the completion of the Umugini pipeline will be completed by the end of July 2014 or that all equipment, agreements or approvals required to commission, operate or transport oil through the Umugini pipeline will be received in a timely fashion or at all.
There is no assurance that the Company will be able to successfully test the UMU-3 horizontal well sidetrack, or commercially produce, transport or sell oil from the UMU-3 well (or any one or more of the sands identified by the UMU-3 well). There is also no assurance that the Company will be able to execute a successful horizontal well sidetrack of the UMU-4 well. Statements (express or implied) regarding the ability of the Company to successfully complete, test and commercially produce, transport and sell oil from the UMU-3 well (or any one or more of the hydrocarbon sands identified by the UMU-3 well) or the UMU-4 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 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 NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
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