Mart Resources Nearing First Production at Umusadege

Umusadege Field
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Mart Resources, Inc. and its partners Midwestern Oil and Gas Company PLC and Suntrust Oil Company Nigeria Limited are pleased to announce the following update on their operational activities at the Umusadege field, onshore Nigeria.

The Umusadege field Operator, Midwestern, has entered into a crude handling agreement with AGIP for their oil pipeline and terminal system. Under the terms of this agreement, AGIP will receive crude oil from the Umusadege Field and other surrounding fields at their Kwale flowstation (located some 14km to the south-east of the Umusadege field) and deliver it to AGIP's Brass River export terminal for loading onto export tankers.

The majority of the early production equipment being used at the Umusadege field has been installed and is currently being tied into storage tanks and the export pipeline. Construction activities are ongoing as the remaining equipment arrives and is connected to the wells and production facilities.

The down hole and surface completion and production equipment has been installed at the UMU-3 and UMU-1 wells. Preparations are also underway to drill the UMU-1 twin well, which will test some of the additional 11 hydrocarbon zones identified by the UMU-1 well.

Mart and its partners are currently securing all government permits to allow for crude oil production and exports. Production is anticipated to commence in the near term.


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