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Mart Resources Inc mmt.v C$.17
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Bobwins



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

PostPosted: Wed Dec 07, 2011 3:55 pm    Post subject: Mart still hot +.09 to C$.83 Reply with quote

Big volume of 4.32million shares. Don't know if pipeline deal is inked yet but favorable mention in Pescod newsletter and recommend by Chen Lin helped.

There is a danger if the pipeline deal doesn't come thru pretty quickly.

New52wkhi!
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Bobwins



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

PostPosted: Mon Dec 05, 2011 12:12 pm    Post subject: MMT.v +.04 to C$.70 Reply with quote

No news but rumors that pipeline deal is close. Please be true this time. Mart still my biggest position so waiting for pipeline deal to open floodgates of revs and cash. JV currently producing around 8500bpd(Mart 50% after cost recovery). Could be producing 12,000bpd + right now if allowed. Pipeline has capacity but AGIP wants more money for "theft and damage to pipeline".

Mart has refused to sign at their original request of over 10%. Will still cost more than before but Mart needs to get the revs from the new production. Currently drilling UM-9 so surplus could grow soon.
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Bobwins



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

PostPosted: Tue Nov 29, 2011 12:39 pm    Post subject: Actual eps for Q3 is .06, cashflow is .19 MMT.v is C$.64 Reply with quote

http://finance.yahoo.com/news/.....2.html?x=0
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Bobwins



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

PostPosted: Tue Nov 29, 2011 2:06 am    Post subject: Mart earns .06eps, cashflows .125 Reply with quote

Q3 report due out tomorrow morning

Great Q3 considering production has been limited. Cash position strengthened to 14 million

Mart selling for 2.5X fwd p/e

selling for 1X fwd cashflow

Imagine if they could produce at full blast instead of being limited to 8,000bpd gross. Currently capable of 12,000bpd with another well being drilled.

Mart's share is 50% but they get 87% during cost recovery for drilling/completion expenses.

AGIP pipeline agreement is still pending. Crucial to future success of Mart.
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Bobwins



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

PostPosted: Wed Nov 16, 2011 4:46 pm    Post subject: +.06 to C$.68 Reply with quote

Mart continues strong today. Company has been presenting and somebody must have liked what they heard. Very undervalued on any basis. If the pipeline gets approved, they are priced at less than 1X fwd p/e.
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Bobwins



Joined: 05 Feb 2007
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Location: Seattle, Wa

PostPosted: Tue Nov 15, 2011 3:31 pm    Post subject: MMT.v +.04 to C$.60 Reply with quote

Mart showing a little life. Pipeline issue has been holding back production from new wells. Still cashflowing nicely but production should move well above 12,000bpd gross once pipeline agreement is signed.

Rumors that AGIP has agreed and will sign soon are circulating but that has happened before and no announcement has followed. We'll see if this is the time. Price should pop if we really get an announcement. 52wkhi is C$.77. Should get challenged if we get pipeline agreement PR.
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Bobwins



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

PostPosted: Tue Sep 20, 2011 7:41 pm    Post subject: Mart tests UM-8 Reply with quote

Mart reports another successful well. This one should produce 3-5,000bpd also. But they need a pipeline agreement to allow up to 20,000bpd. Currently limited to 7500bpd. Even with that, they are very cheap on a price to cashflow basis. Nigerian discount plus pipeline constraint keep this stock in extreme valuation territory. Still my number 1 position but getting frustrated.




Mart Announces UMU-8 Well Initial Test Results

CALGARY, ALBERTA, Sep 20, 2011 (Marketwire via COMTEX News Network) --
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, are pleased to report the initial test results from the zones tested on the UMU-8 well and provide an update on production in the Umusadege field, onshore Nigeria.
The first extended test on the UMU-8 well was conducted on the XV sand, an 11 foot oil zone, which flowed at a stabilized rate of 4,205 barrels oil per day ("bopd") of 44 API gravity oil through 3 1/2 inch tubing on a 28/64 inch choke at a flowing tubing pressure of 140 psi. Basic sediment and water (BS&W) was 0% with gas/oil ratio of approximately 175.9 standard cubic feet per barrel.
The second extended test on the UMU-8 well was conducted on the X11(a) sand, a 39 foot oil zone, which flowed at a stabilized rate of 1,140 bopd of 36 API gravity oil through 3 1/2 inch tubing on a 24/64 inch choke at a flowing tubing pressure of 90 psi. Basic sediment and water (BS&W) was 0% with gas/oil ratio of approximately 25 standard cubic feet per barrel.
Further updates will be provided once testing has been completed.
Crude oil deliveries into the export pipeline from the Umusadege field between 1st and the 16th of September averaged 7,491 bopd. Aggregate Umusadege field downtime over this period was approximately 0.7 days due primarily to field maintenance issues.
Negotiations with the operator of the export pipeline to increase capacity are ongoing.
Additional information regarding Mart Resources, Inc. is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Note: 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).
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Bobwins



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

PostPosted: Wed Jun 29, 2011 9:57 am    Post subject: Q1 .03eps Reply with quote

MMT.v -.02 to C$.55

Q1 showed good increases in production and total revs as UM-7 produced for the full qtr. The next well, UM-8, is drilling at 5,000 feet so should be tested in July.

Total field production was around 10,000bpd with Mart earning 61% of that due to the cost recovery for UM-7. Mart gets to recover 100% of it's drilling costs and then reverts to 50% sharing of revs. UM-7, just completed last qtr is paid for. UM-8 expenses will now start being recovered.

Still cheap, still in Nigeria. Waiting for production and cashflow to get so high that either investors can't resist or someone buys them for the cashflow and production.




http://finance.yahoo.com/news/.....0&.v=1
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Bobwins



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

PostPosted: Tue May 31, 2011 10:02 am    Post subject: new presentation Reply with quote

http://www.martresources.com/w.....a-v3-1.pdf
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Bobwins



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

PostPosted: Fri May 27, 2011 4:20 pm    Post subject: MMT.v +.05 to C$.66 Reply with quote

Mart had a good bounce today along with most commodity and energy stocks. Price of oil only nudged up a bit but stock investors were feeling pretty good about energy and commodities.

Mart is around 7,000bpd net and headed for 10,000bpd towards year end as UM-8 is drilled and completed.

UM-9 is next and should spud before year end. UM-9 is important to Mart because it's in a part of the reservoir that isn't getting credit from the reserve engineers so proving up that portion will add measurable reserves to Mart's totals, which is important because they are producing enough now to put a dent in reserves.
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langenburg



Joined: 12 Jan 2007
Posts: 25

PostPosted: Tue May 24, 2011 3:30 pm    Post subject: Reply with quote

"High risk but stupid cheap" is a great way to describe this stock.
Great info and Nigeria truly is the risk.
May wait for Q1 results to pull the trigger on purchasing more.

Thx
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Bobwins



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

PostPosted: Fri May 20, 2011 12:40 pm    Post subject: Nigeria scares people Reply with quote

Mart is doing what it said it was going to do. Drill out low risk development wells that are big by North American standards(testing over 10,000bpd and producing 3,000 to 6,000bpd). They have taken more time than they thought but so far so good.

There have been hiccups like the pipeline disruption in Q4 that has to be paid back in Q1 and will reduce Q1 results. Q2 will be better and Q3 should be even better. Cash is building quickly now and should reach some big numbers by year end, allowing self financed drilling.

Mart is looking for additional fields in Nigeria. Government is supposed to be auctioning off "marginal fields". Mart is one of the few local partner/outside E&P that has successfully brought one of the smaller marginal fields into production so they should get consideration for additional fields.

The JV is part of the problem. The local partners do not want ANY publicity. They fear higher visibility will bring more threats/extortion/danger of pipeline disruptions. So any PR's have to be approved by the partnership and the local partners always want to emphasize the negative and lower the positive vibes. You will see many complaints about the CEO and his lack of ability to bring Mart needed PR attention but it's not all his fault. Nigeria is also notorious for slow governmental approval of the different steps to production.

So that's the downside. The upside is production and cashflow. This is ridiculously cheap. Something like 1.5 X fwd cashflow and we aren't done drilling. Several more low risk development wells left. Company is expanding capacity of processing site to 30,000bpd for a reason. 50% of 30,000 is 15,000bpd. Low costs so at $100 oil(they get the Brent price plus a premium for high quality light sweet crude) they are printing money.

This is my biggest holding. High risk but stupid cheap. I think Q2 results will help but that's several months away. Q1 may disappoint some that don't remember the company got paid in Q4 as if they produced the oil thru the pipeline disruption. They have to pay that oil back in Q1 so will reduce total revs and cashflow.

Good luck, Bobwins
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langenburg



Joined: 12 Jan 2007
Posts: 25

PostPosted: Fri May 20, 2011 12:13 pm    Post subject: Reply with quote

I'm surprised there is not more buzz about this stock. It looks very promising. I want to buy more but worried about the lack of sentiment
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Bobwins



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

PostPosted: Sat May 07, 2011 12:38 am    Post subject: UM-7 test results Reply with quote

Mart finally announced UM-7 results. Tested over 10,000bpd from 4 completed zones out of a possible 14. Mart completed the well with dual string tubing so they can turn any of the four zones on or off from the surface. Due to pressure differences, they can only produce one zone per string.

In addition to the good results on UM-7, Mart also said that they have pipeline capacity for anything UM-7 and 8 can produce. They are negotiating for more capacity with several existing nearby pipelines and deciding whether to build their own line.

They are also expanding their main processing facility to handle up to 30,000bpd. This is important because it demonstrates the high expectations that Mart has for future development drilling at the Umadesege field. They are currently around 11,000gross bpd.

This second development well should allow Mart to rapidly build production and cashflow thru the summer.

Mart is currently selling for around 1X fwd cashflow. Amazingly cheap and UM-8 is coming next.


http://finance.yahoo.com/news/.....0&.v=1
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kjm



Joined: 13 Jun 2004
Posts: 802

PostPosted: Thu Mar 17, 2011 10:30 pm    Post subject: Reply with quote

Appreciate the comments Bob
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