Mart Sees Encouraging Results from UMU-1 Production Test

Mart Resources, Inc. and its partners, Midwestern Oil and Gas Company PLC (Operator) and Suntrust Oil Company Nigeria Limited, are pleased to report encouraging results from a production test of one of thirteen oil-bearing zones identified in the UMU-1 well at Umusadege in the Niger Delta of Nigeria.

The zone that was tested flowed at a stabilized rate of 3,237 barrels per day of 43 API gravity oil on a 20/64" choke at a flowing tubing pressure of 585 psig with no water or sand production and a low gas/oil ratio. Upon completion of the current operation, Mart and its partners will be testing at least one more oil-bearing zone prior to preparing the well for production.

The UMU-1 well was drilled and cased by ELF in 1974. It encountered thirteen oil-bearing zones as identified from logs and wire line tests. Prior to the above test the well was logged and pressure tested. Results indicate the casing and cement bond are in very good condition.

Mart's economic interest in the Umusadege Field is subject to finance and service agreements with Midwestern and Suntrust. Mart's share of production is on a sliding scale, beginning with an accelerated repayment of costs contributed to the project and moving to a stepped down schedule after recovery of capital costs.


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