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News from annual meeting
Jan 27, 2010 10:50AM
CALGARY, ALBERTA--(Marketwire - Jan. 27, 2010) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "Mart" or the "Corporation") is pleased to announce the results of its Annual and Special General Meeting of Shareholders (the "Meeting") held on January 26, 2010 in Calgary, Alberta and to provide an update regarding its ongoing Nigerian operations. At the Meeting, the shareholders of the Corporation approved all resolutions put before them by management, including the election of directors, appointment of the auditor, the renewal of the Corporation's stock option plan, and the adoption of a shareholder rights plan.
Election of the Board of Directors
At the Meeting, Mart's shareholders re-elected Wade G. Cherwayko and Leroy Wolbaum as directors of the Corporation. In addition, the shareholders elected Dallas L. Droppo, John R. Gorman and Derrick R. Armstrong to serve as directors of the Corporation until Mart's next annual general meeting. A brief biography of each of the newly elected directors is as follows:
John R. Gorman
Mr. Gorman has over thirty years of experience in banking and natural resource exploration. Commencing with a commercial banking career in oil and gas reserve and asset-based lending, followed by a turnaround/restructuring management role, Mr. Gorman then served eleven years as CFO and director of a private oil and gas company with extensive holdings in offshore West Africa. Mr. Gorman presently has an energy consulting practice in New York City, serves as Senior Energy Advisor to Odin Advisors LLC, a boutique M&A group based in Manhattan, and is the financial consultant to New York-based Taia, LLC and its affiliate Taia Peace Foundation, both with primary operations in Sierra Leone.
Derrick R. Armstrong
Mr. Armstrong has practiced corporate and securities law in Calgary, Alberta continuously since 1980. He is currently senior counsel and Calgary Regional Leader of the Securities and Capital Markets Group of Borden Ladner Gervais LLP, a national law firm. Prior to that he founded and was the senior and managing partner of Armstrong Perkins Hudson LLP. He is currently a director of CYGAM Energy Inc., a public company listed on the TSX Venture Exchange with properties in Tunisia and Italy and he was a director of Centurion Energy International Inc. from 1997 to 2006 which operated in Tunisia and Egypt prior to it being acquired by a Dubai Stock Exchange listed company. He has considerable experience advising public companies active in North Africa. Mr. Armstrong also sits on the boards of two private oil and gas companies and sits on the advisory board of the TSX Venture Exchange.
Dallas L. Droppo, Q.C.
Mr. Droppo is a securities, energy and commercial lawyer with the national law firm of Blake, Cassels & Graydon, LLP. He has acted for a number of Canadian resource and service companies that have expanded internationally and for foreign corporations acquiring or establishing businesses in Canada. He has considerable experience in all aspects of securities-related transactions including corporate governance and other securities law related matters. Prior to practicing law, Mr. Droppo was a geologist.
The Corporation would also like to take this opportunity to thank each of Bill Cherwayko, Bob Leslie, Walter Wakula and Michael Nobbs for their contributions to the Corporation's development during their tenure as members of the board. The board and management recognize Messrs. Cherwayko, Leslie, Wakula and Nobbs for their support, significant time commitment, dedication and service, and wish them all much success in their future endeavors.
Mart and its partners, Midwestern Oil & Gas Company PLC (Operator) and Suntrust Oil Company Nigeria Limited, are pleased to announce that the majority of the rental production equipment in use at the Umusadege oil field has been replaced with permanent facilities. The main equipment replaced includes production separation facilities, manifold, and interconnecting piping. The installation of the permanent facilities will result in a net reduction of direct field operating costs of approximately $2.60/barrel based upon average daily production rates for January 2010.
Average daily gross production for January 2010 was 3,935 barrels of oil per day ("bopd") from the UMU-1 and UMU-5 wells. Of the total production for this period, the UMU-1 well (commingled XIIa and XIIb zones) contributed an average of 1,710 bopd and UMU-5 well contributed an average of 2,225 bopd.
With stable production and strong oil prices over the past several months, Mart has been able to significantly reduce trade payables and continue to service its bank debt in a current and timely manner. Due to continuing strong cash flows, Mart and its partners are now in a position to continue with development activities on the Umusadege field in the very near future.
Mart and its partners are currently finalizing development plans to increase production and reserves from the Umusadege field in 2010. Planning is underway for development drilling that is anticipated to commence in early Q2/10. It is also anticipated that the two existing producing wells will be re-completed in Q2/10 and Q3/10.
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.
Additional information regarding Mart Resources, Inc. is available on the company's website at www.martresources.com