Mart Resources, Inc.: New Central Production Facility Commissioned and Operational at Umusadege

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 providing the following update on
the Central Production Facility at the Umusadege field. 


Umusadege Central Production Facility

The new CPF was commissioned on July 8, 2013 at the Umusadege field and all
production is currently being processed by the new facility. The CPF handles all
petroleum products from the Umusadege field and utilizes gas produced from the
field for power generation. The new CPF has a design capacity of 35,000 barrels
per day, which is expected to be sufficient to handle the full field capacity
anticipated from the existing reserves, as well as the potential for production
from prospective resources in the Umusadege farmout area. The CPF is expandable
to handle future production increases as needed. 


The CPF replaces the temporary early production facilities at the field that
were expanded to a 20,000 barrels per day capacity in 2010. The CPF not only
increases processing capacity, but also replaces rental storage equipment with
permanent equipment that is expected to decrease operating costs per barrel.


Wade Cherwayko, CEO of Mart stated: "Completion and commissioning of the new CPF
is a significant milestone for the development of the Umusadege field. It
increases processing capacity and is expected to result in a higher netback per
barrel."


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.


Except where expressly stated otherwise, all production figures set out in this
press release, including barrels per day, 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 future production from the Umusadege
Field will result in the CPF being utilized at its full design capacity or that
the design capacity of the CPF will be sufficient to handle all future Umusadege
field processing requirements. There is no assurance that the CPF will be
expanded in the future. 


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 VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mart Resources, Inc. - London, England office
Wade Cherwayko
+44 207 351 7937
Wade@martresources.com


Mart Resources, Inc. - London, England office
Dmitri Tsvetkov
+44 207 351 7937
dmitri.tsvetkov@martresources.com


Mart Resources, Inc. - Canada
Sam Grier
403-270-1841 or toll free 1-888-875-7485
www.martresources.com
Mart Resources (TSXV:MMT)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024