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Mart Resources Inc mmt.v C$.17
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coach247



Joined: 08 Apr 2004
Posts: 6774
Location: Milton, Ontario

PostPosted: Fri Feb 01, 2013 3:37 pm    Post subject: Reply with quote

Mart is trading at all time highs this week on no news. However the update provided earlier in the month hinted at further upside in overall basin reserves and perhaps the company is getting closer to providing more disclosure on that. Or there may have been some positive comments published in an advisory letter. I still hold a position in two accounts on this stock.

cheers!
mike
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Bobwins



Joined: 05 Feb 2007
Posts: 1227
Location: Seattle, Wa

PostPosted: Wed Jan 09, 2013 11:34 am    Post subject: MMT.v +.09 to C$1.84 Reply with quote

Testing one zone at 1943bpd doesn't seem like a big deal but for Mart this is big. This is the deepest of 4 new zones that have never been tested or produced by Mart. If all 4 zones prove productive AND if they run under the Umusadege field, this could mean a huge add to reserves for Mart.

That was one of the primary goals of this UM-10 well. It will take time to prove the theory because several of the previous producing wells were not drilled deep enough to confirm or deny the existence of these zones.

The other important aspect is the extremely high API of the test oil. 55 API would command a high premium in the market, especially with all the heavy oil that is produced in the Middle East.

Of course, somewhat offsetting this very positive event is the continued delays in getting signatures on the Shell Export pipeline deal. Apparently Shell is selling the pipeline and until there is a new owner, Mart can't get a signature. The pipe for the 54km pipeline is in the country and Mart may begin construction without a confirmed deal. They want to get the pipeline done as soon as possible because they could have as much as 30,000bpd behind pipe by late this year. They want to produce this as soon as possible because they have a tax holiday that expires at year end.

Mart still has a lot of growth ahead of it. This still has multibagger potential.





CALGARY, ALBERTA--(Marketwire - Jan 9, 2013) - 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 (together "the Co-venturers") are pleased to announce initial flow rate test results for the UMU-10 well and an update on Umusadege field production for the month of December 2012 and the first week of January 2013.
UMU-10 Well Test Results
As previously announced, the UMU-10 well encountered 479 feet of gross hydrocarbon pay in 20 sands. Six of these sands, XVIIa & XVIIb (commingled), XVIIIa, XIX, XXb, and XXI, are to be perforated, tested, and completed for production. Any two of these zones can be produced simultaneously using dual string sliding sleeve completion technology. The sands completed in UMU-10 are expected to access 161 feet of the total 479 feet of gross pay in the well. Five of the UMU-10 sands (XVIIa & XVIIb (comingled) is treated as one completion interval) have now been perforated and completed. The first extended flow rate test has been conducted on the XXI sand, the deepest of the sands to be tested, at a stabilized rate of 1,943 bopd during initial well clean up.
During the test of the XXI sand, the well flowed 55.3 API gravity oil through 3 1/2 inch tubing on a 28/64 inch choke at a flowing tubing pressure of 1260 psi. Basic sediment and water (BS&W) was 5% with a gas/oil ratio of approximately 588 standard cubic feet per barrel.
Four UMU-10 well tests remain, including the individual testing of the XXb, XIX, XVIIIa, and the co-mingled testing of the XVIIa & XVIIb sands. All sands will be initially tested on restricted choke settings during clean up, as has been done for the XXI sand. Once all completed sands have finished the clean-up operations, each will undergo a multirate flow test on various choke sizes, which may include choke sizes greater than those used for the clean-up operations.
Further updates will be provided on these remaining targeted sands once testing has been completed and results are available.
December 2012 Production Update
As previously reported, there was no production from the Umusadege field in November 2012 through December 20, 2012 due to a shutdown of the export pipeline that started on October 30, 2012. Nigerian Agip Oil Company ("AGIP"), the pipeline operator, has advised that repairs to the export pipeline were completed, and production from the Umusadege field and other fields in the area (collectively the "Cluster") began on a test basis early on December 21, 2012. Production and deliveries into the export pipeline from the Cluster increased to normal levels by the end of December 2012 and have averaged 11,800 bopd during the period from January 1, 2013 to January 8, 2013.
Total crude oil deliveries into the export pipeline from the Umusadege field for December 2012 were approximately 92,000 bbls before pipeline losses. Pipeline and export facility losses for November 2012 as reported by the pipeline operator were 0 bbls, as the pipeline was down for all of November 2012. December 2012 pipeline and export facilities losses have not yet been reported by the pipeline operator. Pipeline and export facility losses as reported by the pipeline operator from the beginning of the year to end of November 2012 are approximately 13.6% of total crude deliveries during this eleven month period.
Wade Cherwayko, CEO of Mart Resources stated: "Mart and its partners are pleased and encouraged with the initial flow test results from the UMU-10 well, which demonstrate that the exceptional reservoir of the Umusadege field extends further than previously assigned. We are looking forward to receiving results from tests of the remaining perforated sands in the coming weeks. We are also happy to report normalized operations for the AGIP pipeline starting in January 2013."
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.
INVESTOR RELATIONS:
Investors are also welcome to contact one of the following investor relations specialists for all corporate updates and investor inquiries:
FronTier Consulting Ltd.
Mart toll free # 1-888-875-7485
Attn: Sam Grier or Timea Carlsen
Email: inquiries@martresources.com
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Bobwins



Joined: 05 Feb 2007
Posts: 1227
Location: Seattle, Wa

PostPosted: Fri Dec 28, 2012 11:30 am    Post subject: Umusadege field back online Reply with quote

Mart finally got access to the AGIP export pipeline last week. Should be back to full production(pipeline constrained) by the New Year.

Yesterday Sprott manager made Mart his top pick on BNN. +.14 yesterday and +.04 today.
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Bobwins



Joined: 05 Feb 2007
Posts: 1227
Location: Seattle, Wa

PostPosted: Thu Nov 15, 2012 12:34 pm    Post subject: pipeline down, MMT.v drops .14 to C$1.53 Reply with quote

retracing gains from the last couple of months. No production in November so far as flooding is hampering even getting into the area so they can inspect the pipeline for damage. Probably going to lose the month of November.

Oil is still there but AGIP pipeline is the only way out for Mart. This only reinforces the need for the second pipeline.
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kjm



Joined: 13 Jun 2004
Posts: 802

PostPosted: Mon Nov 05, 2012 8:58 pm    Post subject: Reply with quote

Seems unreal that the sp would actually drop on a news release like that.
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Bobwins



Joined: 05 Feb 2007
Posts: 1227
Location: Seattle, Wa

PostPosted: Mon Nov 05, 2012 12:43 pm    Post subject: mmt.v +.03 to C$1.88 Reply with quote

2012-11-05 08:46 ET - News Release


Mr. Wade Cherwayko reports

MART RESOURCES, INC.: UMU-10 WELL UPDATE

Mart Resources Inc. and its co-venturers, Midwestern Oil and Gas Co. PLC (operator of the Umusadege field) and SunTrust Oil Co. Ltd., are providing an update on the UMU-10 well at the Umusadege field in Nigeria.

As previously announced, the UMU-10 well has reached a final total drilling depth of approximately 9,757 feet. UMU-10 is an appraisal well targeting the sands encountered in the UMU-9 exploration/step-out well, including the deep sand discoveries. Based upon comprehensive open hole logging, the UMU-10 well encountered 479 feet of gross pay in 20 sands. The reservoirs encountered are consistent with the findings in the UMU-9 well, with one additional oil-bearing discovery in the UMU-10 well that was wet in UMU-9. The five deep sand discoveries encountered in UMU-9, along with the additional oil sand encountered in UMU-10, have not previously been flowed to surface. These deep sands are the primary testing and completion targets for the UMU-10 well.

Downhole pressure and fluid sample tests were taken over all reservoirs. Preliminary evaluations based on log and drilling data for the UMU-10 well show 19 light oil reservoirs and one gas/condensate reservoir. These conclusions are consistent with results of tests on the UMU-9 well. The down-hole fluid samples have confirmed hydrocarbon type, and will provide critical information for reservoir management and field development planning.

The completion program and production testing operations on the UMU-10 well will continue through November 2012 and are expected to take at least 30 days.

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.

We seek Safe Harbor.
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Bobwins



Joined: 05 Feb 2007
Posts: 1227
Location: Seattle, Wa

PostPosted: Wed Oct 24, 2012 11:17 am    Post subject: Mart strong in a up down market Reply with quote

+.06 to C$1.90 2.00 looks doable before year end.

new all time high.

Mart is due to report results from UM-10, affecting future production but more importantly future reserves. Deeper zones were the target and if they test well, could be present in many other current wells.

Pipeline deal still supposed to be close to closing.

Vague talk of merger with their partner to gain an advantage in bidding for more marginal fields. Apparently there would be a special dividend declared if the merger goes thru.

Should get at least UM-10 test results before end of November.
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Bobwins



Joined: 05 Feb 2007
Posts: 1227
Location: Seattle, Wa

PostPosted: Thu Oct 18, 2012 1:08 pm    Post subject: Mart presented at conference Reply with quote

http://www.wsw.com/webcast/canaccord7/mmt.v/


Investors must have liked the presentation. Pipeline agreement just waiting for signatures at Shell. Work being done on pipeline basics, buying land, pipeline components,etc while waiting for final agreement to be signed.

Big upside after pipeline is done plus potential of more marginal fields.
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coach247



Joined: 08 Apr 2004
Posts: 6774
Location: Milton, Ontario

PostPosted: Thu Oct 11, 2012 12:07 pm    Post subject: Reply with quote

Completion of UMU-10 in 45-60 days? Countdown to liftoff...

Quote:
UMU-10 Well Update

The UMU-10 well has reached a final total drilling depth of approximately 9,757 feet. The next phase of operations will include open hole well logging, 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 primary objectives of the UMU-10 well are the oil-bearing sands identified in the 8 1/2 inch deviated hole section of the UMU-9 well. The oil-bearing sand discoveries from UMU-9 account for 170 feet of gross oil pay. Based on UMU-10 preliminary results from logging-while-drilling (LWD) technology, the target sands identified by the UMU-10 well have been similar in thickness to those encountered in the UMU-9 well. Up to four of these sands could be completed in UMU-10. The completion and testing of the UMU-10 well is expected to take approximately 45 to 60 days.


http://www.equities.com/news/h.....cat=energy

I own a small core position of this one.

cheers!
mike
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Bobwins



Joined: 05 Feb 2007
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Location: Seattle, Wa

PostPosted: Wed Oct 03, 2012 7:29 am    Post subject: possible catalysts Reply with quote

Mart has several catalysts near term:

1. UMU-10 is drilling and testing several deep zones that could be present over a wide area and unlock a whole new set of reserves and future production.
2. We have been waiting for a Shell agreement to allow Mart to build a 54km pipeline to hook up with Shell's big export pipeline. This is crucial to increasing production. Currently Mart is maxed out on their only export pipeline so new wells can't be brought on production. Mart says it's the Shell bureaucracy that is holding things up
3. There is talk that Mart might merge with a local company, possibly giving them advantage in pursuing Nigerian oil fields.
4. Nigeria has said they will award additional marginal fields like Umusadege. Mart has applied for several.

In addition to these catalysts, Mart paid it's second dividend yesterday. The rate is still 12%, even after the recent stock price rise. Mart has been recommended on BNN and is getting more attention.
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coach247



Joined: 08 Apr 2004
Posts: 6774
Location: Milton, Ontario

PostPosted: Tue Oct 02, 2012 8:57 pm    Post subject: Reply with quote

The market seems to be telling us good news is on the way: Steady uptrend on high volume the last few days. I got filled on a stink bid, in part because I was worried about a takedown in gold and silver so I wanted to have some money parked in oil for a few weeks, but it looks like the timing was pretty good. I wonder if they have hit some success at the end of the drill bit?

I maintain a core position for the dividend but there is plenty of trading potential with this one as well.

cheers!
mike
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Bobwins



Joined: 05 Feb 2007
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Location: Seattle, Wa

PostPosted: Wed Sep 12, 2012 10:17 am    Post subject: mmt.v -.07 to C$1.50 Reply with quote

Mart went ex dividend today, hence hefty selloff.

.05 dividend will be paid 10/2.

.20 annualized dividend is 13.3% annualized forward yield.
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Bobwins



Joined: 05 Feb 2007
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PostPosted: Tue Aug 28, 2012 8:11 pm    Post subject: Mart missed on Q2 Reply with quote

Mart released Q2 earnings and there were several negative aspects that lowered eps to less than a penny. They are still going ahead with the .05 dividend and UM-10 has got a couple thousand feet to go before hitting bottom. Expect we'll see a selloff tomorrow morning.

Factors included lower price for Bonny Light, much bigger line losts to theft(18% vs 10% in earlier qtr) and 50% share of revs due to no drilling in Q2. Q1 was artificially high at 82%.
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langenburg



Joined: 12 Jan 2007
Posts: 25

PostPosted: Thu Aug 09, 2012 1:51 pm    Post subject: Re: today is exdiv day for MMT.v Reply with quote

Bobwins wrote:
Dividend of .10 will be paid 8/8. Will be interesting to track share price and see how much it drops. I think there will be a sizeable drop, probably exceeding the .10 dividend amount. Lots of nervous buyers in the markets nowadays and so there will be a temptation to sell and take the dividend.

The runup in share price from around a buck to the current 1.50 is a tempting short term profit for new holders.



Lol. Looks like Mart is bulletproof after all. I sold a 1/2 my position last week just to be safe
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Bobwins



Joined: 05 Feb 2007
Posts: 1227
Location: Seattle, Wa

PostPosted: Thu Aug 09, 2012 1:47 pm    Post subject: dividend has arrived Reply with quote

Got my .10/share special dividend last night. Q3 regular dividend of .05 should be announced pretty soon and delivered in Sept/Oct. Share price has held near the 52wkhi's of 1.70.

Mart has potential near term catalysts in UM-10 and Shell pipeline agreement so they can begin construction.

The second pipeline is crucial for Mart because otherwise they are limited to about what they are producing now, even though they have additional production capacity. Pipeline construction is 12-18 months after final approval from Shell to purchase crude and feed into their main sales pipeline leading to coast.

Once they have the second pipeline, Mart can accelerate drilling of development wells. They are planning a horizontal in 2013 that could be a monster. Normal vertical wells are producing 2,000 to 4,000bpd. The horizontal could produce in the 10,000bpd range.

Mart should be a multi bagger from here and you get .20/year in dividends.
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