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Announces Production Update on UMU-5 Well
May 05, 2009 06:00AM
May 5, 2009
Mart Announces Production Update on UMU-5 Well
CALGARY, ALBERTA--(Marketwire - May 5, 2009) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") and its partners, Midwestern Oil & Gas Company PLC (Operator) and Suntrust Oil Company Nigeria Limited are pleased to provide the following update regarding production testing of the UMU-5 well at the Umusadege field, onshore Nigeria.
As previously announced the UMU-5 well commenced initial production on April 14, 2009 from the IX sand and has been flowed through progressively increasing choke sizes as part of the extended test program approved by the Nigerian government. The well has produced over 50,000 barrels of clean, 45.6 API gravity oil at various stabilized production rates with a final stable test rate of 3,275 barrels of oil per day on a 32/64 choke at a stable flowing pressure of 612 PSI, 0% water and sand production and a gas/oil ratio of 120 standard feet of sweet gas per barrel. As part of the overall reservoir analysis, Mart and its partners are currently flowing the well at a stable rate of 2,475 barrels of oil per day on a 28/64 inch choke.
About Mart Resources:
Mart Resources Inc. is an independent, international petroleum company focused on drilling, developing and producing oil and gas from low-risk proven petroleum properties in Africa. The Company owns two drilling rigs, has strong local relationships and has formed joint venture partnerships with indigenous operators in Nigeria. Mart has acquired interests in and begun development of three onshore Nigerian oil fields.