Mart Announces Financial and Operating Results, Results of Independent Reserve Evaluations and Evaluation of Prospective Resources for the Year Ended December 31, 2012
CALGARY, ALBERTA -- (Marketwired) -- 04/23/13 -- Mart Resources, Inc. (TSX VENTURE: MMT) ("Mart" or the "Company") is pleased to announce its financial and operating results (all amounts in United States dollars unless noted), results of independent reserve evaluations and results of evaluation of prospective resources for the year ended December 31, 2012:
YEAR ENDED DECEMBER 31, 2012
-- Mart's share of Umusadege field oil produced and sold for the year ended
December 31, 2012 was 1,844,389 barrels of oil ("bbls") compared to
1,803,459 bbls for the year ended December 31, 2011. The increase in
volumes is primarily attributable to Mart's overall increase in
production rates in 2012, but was offset by pipeline shutdowns that were
more frequent and of longer duration in 2012 compared to 2011. Pipeline
and export facility losses for 2012 for the Umusadege field as reported
by Nigerian Agip Oil Company ("AGIP"), the operator of the export
pipeline, were 466,992 bbls gross or approximately 13.6% of total
Umusadege field crude deliveries during the year.
-- In 2012 Mart declared dividends aggregating CDN $0.20 per common share,
that were paid to shareholders following each of the quarters ended June
30, 2012 ($0.10 per share), September 30, 2012 ($0.05 per share) and
December 31, 2012 ($0.05 per share).
-- Mart's net income for the year ended December 31, 2012 totaled $58.0
million ($0.168 per share), compared to net income of $72.2 million
($0.215 per share) for the year ended December 31, 2011. Funds flow from
production operations was $137.7 million ($0.398 per share) for the year
ended December 31, 2012 compared to $145.7 million ($0.434 per share)
for the year ended December 31, 2011 (see note regarding non-IFRS
measures on page 3).
-- Mart's share of average daily oil produced and sold from the Umusadege
field for 2012 was 5,039 barrels of oil per day ("bopd") compared to
4,941 bopd in 2011.
-- Mart's share of proved Umusadege field oil reserves net of royalties
increased by 23% to 12.9 million bbls compared to 10.5 million bbls in
2011.
-- Mart's share of proved plus probable Umusadege field oil reserves net of
royalties increased by 27% to 17.7 million bbls compared to 13.9 million
bbls as at December 31, 2011.
-- The average sales price received by Mart for oil produced and sold in
2012 was $103.43 per barrel of oil ("bbl"), compared to $103.21 per bbl
in 2011.
THREE MONTH PERIOD ENDED DECEMBER 31, 2012
-- Mart's share of average daily oil produced and sold for Q412 from the
Umusadege field was 2,053 bopd compared to 4,697 bopd for Q411. There
was a prolonged pipeline disruption that started on October 30, 2012 and
ended on December 21, 2012 as a result of damage to the export pipeline
and flooding at the Brass river export terminal. Consequently, there was
no production from the Umusadege field in November 2012 and most of
December 2012. During Q412, the Umusadege field was shut down for a
total of 60 days (Q411: 17 days) due to various export pipeline
disruptions and maintenance and modification of production facilities.
-- On November 26, 2012, Mart declared a quarterly cash dividend of CDN
$0.05 per common share. The quarterly dividend was paid to shareholders
on January 8, 2013 in an aggregate amount of CDN $17.8 million.
-- Net loss for Q412 was $3.9 million ($0.011 loss per share) compared to
net income of $21.4 million ($0.063 per share) for the three months
ended December 31, 2011 ("Q411"). The loss during the period was due to
the export pipeline disruptions resulting in decreased revenue during
the period. Funds flow from production operations was $16.0 million
($0.045 per share) for Q412 compared to $37.3 million ($0.111 per share)
for Q411 (see note regarding non-IFRS measures on page 3).
-- Mart's share of Umusadege field oil produced and sold in Q412 was
188,863 bbls compared to 432,166 bbls for Q411. The decrease in volume
is primarily attributable to the export pipeline disruptions encountered
during the period.
-- The average sales price received by Mart for oil produced and sold in
Q412 was $109.17 per bbl compared to $109.69 per bbl for Q411.
-- Umusadege field pipeline and export facility losses for Q412 totaled
71,793 bbls gross, or approximately 17.5% of total crude deliveries from
the Umusadege field for the period.
FINANCIAL AND OPERATING
The following table provides a summary of Mart's selected financial and operating results for the three-month periods ended and the years ended December 31, 2012 and 2011:
USD $ 000's 3 months 3 months 12 months 12 months
(except oil produced and ended ended ended ended
sold, share, oil prices Dec 31, Dec 31, Dec 31, Dec 31,
and per share amounts) 2012 2011 2012 2011
----------------------------------------------------
Mart's share of the Umusadege Field:
Barrels of oil produced
and sold 188,863 432,166 1,844,389 1,803,459
Average sales price per
barrel $109.17 $109.69 $103.43 $103.20
Mart's percentage share
of total Umusadege oil
produced and sold
during the period 60% 77% 67% 71%
Mart's share of
petroleum sales after
royalties 17,863 41,395 161,390 164,218
Funds flow from
production operations
(1) 16,028 37,334 137,743 145,715
Funds flow from
production operations
per share $0.045 $0.111 $0.398 $0.434
Net income/(loss) (3,948) 21,356 58,046 72,163
Per share - basic $(0.011) $0.063 $0.168 $0.215
Per share - diluted $(0.011) $0.062 $0.163 $0.210
Total assets 281,506 194,712 281,506 194,712
Total bank debt Nil Nil Nil Nil
Shares outstanding - for periods ended:
Basic 356,086,773 336,575,676 345,715,889 336,084,275
Diluted 359,198,653 345,388,472 355,617,583 344,318,066
Note:
(1) Indicates non-IFRS measures. Non-IFRS measures are informative measures commonly used in the oil and gas industry. Such measures do not conform to IFRS and may not be comparable to those reported by other companies nor should they be viewed as an alternative to other measures of financial performance calculated in accordance with IFRS. For the purposes of this table, the Company defines "Funds flow from production operations" as net petroleum sales less royalties, community development costs and production costs. Funds flow from production operations is intended to give a comparative indication of the Company's net petroleum sales less production costs as shown in the following table:
3 months 3 months 12 months 12 months
ended ended ended ended
USD $ 000's Dec 31, 2012 Dec 31, 2011 Dec 31, 2012 Dec 31, 2011
----------------------------------------------------------------------------
Petroleum sales 20,618 47,404 190,761 186,125
Less: Royalties and
communitydevelopment
costs 2,755 6,009 29,371 21,907
----------------------------------------------------------------------------
Net petroleum sales 17,863 41,395 161,390 164,218
Less: Production costs 1,835 4,061 23,647 18,503
----------------------------------------------------------------------------
Funds flow from
production operations 16,028 37,334 137,743 145,715
----------------------------------------------------------------------------
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OUTLOOK AND OPERATIONS UPDATE:
Dividend
On March 12, 2013, Mart declared a quarterly cash dividend of CDN $0.05 per common share that was paid to shareholders on April 9, 2013 for an aggregate amount of CDN $17.8 million.
UMU-10 Well
The Company announced on November 5, 2012 that the UMU-10 well encountered 479 feet of gross hydrocarbon pay in 20 sands. The results of the well tests conducted have been previously press released.
The operator of the Umusadege field plans to return to the UMU-10 well after drilling the UMU-11 well (discussed below) to carry out the remaining testing operations on sands XXb and XIX in the long string as a coiled tubing unit is required. Multirate flow testing will then be performed on all sands completed in the long string: XIX, XXb, and XXI.
Umusadege Field Development Activity Update
Umusadege field development is continuing with the UMU-11 well, to be drilled from the same surface location as UMU-9 and UMU-10. The rig has been skidded to the last drill slot on the existing drill pad and the rig is being set up and upgraded to prepare for the UMU-11 well. The well is expected to spud in the second quarter of 2013. The oil reservoirs expected to be completed in the UMU-11 well are the XIIb, XIIc, XVIa, and XVIb sands, which had a combined 79 feet of oil pay in UMU-10.
It is anticipated that drilling activities on the Umusadege field will include at least one additional vertical development well, one horizontal development well and one exploration well.
A horizontal well is planned to be the sidetrack well from the existing UMU-3 vertical wellbore. It will develop the shallow oil reservoirs in the main accumulation using a second rig.
Exploration drilling is planned for the East prospect within the Umusadege farmout area.
The new Central Production Facility is expected to be commissioned during the second quarter of 2013. This facility has been designed 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.
Umugini Pipeline and Shell Export Pipeline
Mart and its co-venturers are currently constructing a second independent export pipeline (known as the Umugini Pipeline) for Umusadege field production. The pipeline contractor is currently working from two locations: one near the Umusadege field and one near the midpoint between Umusadege and the Shell export station. The Umugini pipeline will connect the Umusadege field to the Shell export pipeline. The Shell export pipeline will deliver Umusadege crude to the Shell Forcados terminal. Negotiations regarding the crude handling agreement with the export pipeline owners and terminal operators are continuing.
Production Update
Umusadege field production during January 2013 averaged 11,459 bopd. Umusadege field downtime during January 2013 totaled 1 day. The average field production based on producing days was 11,841 bopd in January 2013.
Total crude oil deliveries into the export pipeline from the Umusadege field for January 2013 were approximately 355,000 bbls before pipeline losses. Umusadege field pipeline and export facility losses for January 2013 were 52,842 bbls, or approximately 14.1% of total Umusadege field crude deliveries.
Umusadege field production during February 2013 averaged 6,458 bopd. Umusadege field downtime during February 2013 was 14 days due mainly to maintenance on the export pipeline performed by the pipeline operator. The average Umusadege field production based on producing days was 12,740 bopd in February 2013.
Total crude oil deliveries into the export pipeline from the Umusadege field for February 2013 were approximately 181,000 bbls before pipeline losses. Umusadege field pipeline and export facility losses for February 2013 as reported by the operator were 42,270 bbls or approximately 25.5% of total Umusadege field crude deliveries. The high rate of loss for February was directly connected to the problems with the export pipeline that led to the pipeline being shut down in February.
Due to an ongoing shutdown of the export pipeline that started on February 24, 2013, there was no production from the Umusadege field in March 2013 due mainly to maintenance and repairs on the export pipeline performed by the pipeline operator. During March 2013 there was a shipment of crude oil of 320,000 bbls on behalf of the Umusadege field based on oil nominated for delivery. The Umusadege field's nominated and shipped oil volume was higher than the volume of oil delivered, which led to an over lift position. Mart and its co-venturers therefore owe oil to AGIP for the amount of oil over lifted. Mart and its co-venturers expect to receive payment in April 2013 for the over lift of 320,000 bbls shipped in March 2013 and expect to repay the over lift volume out of subsequent production.
Production from the Umusadege field resumed on April 17, 2013 following notice given by AGIP that maintenance and repairs to the export pipeline had been completed.
Loan facility
On March 26, 2013, Mart, through its wholly-owned Nigerian subsidiary, arranged a $100 million secured term loan facility with Guaranty Trust Bank PLC. The finalization of the facility is subject to completion of a facility agreement and customary security documents. The facility is comprised of a $75 million, 5 year term loan facility and a $25 million, 1 year revolving loan facility. The facilities are intended to finance capital expenditures required for further Umusadege field development activities and the Umugini Pipeline and Mart's ongoing working capital requirements. Interest is based on 90 day LIBOR, plus 4 percent (floor of 8.25 percent) and is secured by all assets of Mart Umusadege Resources Nigeria Limited, a wholly-owned subsidiary of Mart.
RESULTS OF INDEPENDENT RESERVE EVALUATIONS
2012 Highlights: December 31, 2012 Reserve Highlights of Mart's Interest:
-- Mart's total gross proved ("1P") oil reserves in the Umusadege field
increased 24% to approximately 13.9 million barrels of oil ("bbls")
compared to 11.2 million bbls at December 31, 2011. Mart's total proved
oil reserves net of royalties is 12.9 million bbls.
-- Mart's total gross proved plus probable ("2P") oil reserves in the
Umusadege field increased 30% to approximately 19.3 million bbls
compared to 14.9 million bbls at December 31, 2011. Mart's total proved
plus probable oil reserves net of royalties is 17.7 million bbls.
-- Mart's total gross proved plus probable plus possible ("3P") oil
reserves in the Umusadege field increased 15% to approximately 25.4
million bbls compared to 22.0 million bbls at December 31, 2011. Mart's
total proved plus probable plus possible oil reserves net of royalties
is 23.1 million bbls.
-- Mart's net present value of future net revenue before tax, discounted at
10%, from the 2P Umusadege field reserves as at December 31, 2012 was
$785 million (compared to $782 million as at December 31, 2011).
-- A prospective resource estimate for the Umusadege farmout area has been
evaluated by RPS Energy Canada Ltd. ("RPS") to be 19.9 million bbls
recoverable (best estimate). Mart's interest share ranges between 50% -
82.5%.
The 1P, 2P, and 3P reserves figures and net present value of future net revenue contained in the 2012 Highlights provided above, have been calculated in compliance with Canadian National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51- 101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH") and have been derived from the data contained in the Company's Form NI 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information dated April 19, 2013 (effective December 31, 2012) filed on SEDAR (www.sedar.com) and on Mart's website, www.martresources.com.
The December 31, 2012 year-end reserves evaluation report (the "2012 RPS Report") for the Umusadege field was prepared by RPS and includes an evaluation of the UMU-10 well, which further appraised the deep sands encountered in the UMU-9 well that was completed earlier in 2012. UMU-10 also provided additional geological information pertaining to the eastern extension of the Umusadege field, increasing confidence in the interpretations and increasing reserves.
The following table summarizes Mart's 2012 year-end gross and net (after royalty) reserves. Also shown in the following table, for comparative purposes, are Mart's 2011 year-end gross and net (after royalty) reserves for the Umusadege field. Reserves are shown in thousand barrels ("Mbbl").
Summary of Oil and Gas Reserves
Using Forecast Prices and Costs
Gross
Light and Gross Reserves Net Reserves Reserves Net Reserves
Medium Oil (1)(3) (1)(3) (2)(3) (2)(3)
12/31/12 12/31/12 12/31/11 12/31/11
(Mbbl) (Mbbl) (Mbbl) (Mbbl)
Reserves
Category (4)
Proved Reserves
Developed
Producing 4,622 4,341 2,680 2,572
Developed
Non-
Producing 1,056 990 - -
Undeveloped 8,249 7,553 8,480 7,898
Proved 13,927 12,884 11,160 10,470
Probable
Reserves
Probable 5,367 4,844 3,736 3,395
Proved plus
Probable 19,294 17,728 14,896 13,865
Possible
Reserves
Possible 6,154 5,378 7,075 6,300
Proved plus
Probable
plus
Possible 25,448 23,107 21,971 20,165
The net present value of Mart's reserves as at December 31, 2012 before taxes are included in the following table:
Umusadege (1)(5)
Net Present Value (Before Tax) discounted at 10% $ million USD
Reserves Category (4)
Proved Reserves
Developed Producing $253
Developed Non-Producing $43
Undeveloped $270
Proved $565
Probable Reserves
Probable $220
Proved plus Probable $785
Possible Reserves
Possible $236
Proved plus Probable plus Possible $1,021
Notes:
(1) The information contained herein for the Umusadege field has been
derived from a reserve report dated April 5, 2013 (effective as of
December 31, 2012) prepared by RPS.
(2) The information contained herein for the Umusadege field has been
derived from a reserve report dated April 10, 2012 (effective as of
December 31, 2011) prepared by RPS.
(3) Gross Reserves means Mart's working interest share of total field
reserves after deducting reserves volumes owned by others but before
deducting reserves attributable to government and third party royalties
and income taxes or their equivalent. Net Reserves means Mart's working
interest share of total field reserves after deducting reserves volumes
owned by others and after deducting reserves attributable to government
and third party royalties but before income taxes or their equivalent.
(4) All reserves definitions utilized herein are as set out in the Canadian
Oil and Gas Evaluation Handbook ("COGEH").
(5) Due to rounding, certain columns may not add exactly.
Value of Umusadege Reserves
As evaluated by RPS as at December 31, 2012, Mart has achieved a substantial increase in all reserve categories compared to year end 2011. Compared with year end 2011, there is a 24% increase in Proved reserves, and 30% increase in Probable reserves. When comparing the discounted Net Present Value ("NPV") for the Umusadege field, however, the value has not increased proportionally to the reserves. The key factors that have impacted the value of the Umusadege cash flows in the December 31, 2012 reserves evaluation include:
-- Increase in downtime and pipeline losses in the 3rd party export
pipeline to Brass River terminal
-- Increase in the evaluator's operating and capital costs assumptions for
field development and production
-- Reduction in the forecast oil prices for Brent crude used by the
reserves evaluator
Mart and the Umusadege field operator are taking action to alleviate the downtime and pipeline losses experienced in 2012 in the export pipeline operated by AGIP. The principal action taken is the construction of the new Umugini pipeline that will connect the Umusadege field to the export pipeline and ultimately the Shell Forcados Terminal. In the 2012 RPS Report, pipeline losses were assumed to be 11.5% from 2014 onwards. Mart believes pipeline losses from the new export route described above will be more favourable than currently exists in the AGIP export pipeline.
The costs for the ongoing field development and operations at Umusadege are benchmarked to past operating experience and regional costs for the Niger Delta. The surface facilities at Umusadege have previously consisted of semi-permanent and rental production equipment, which run at a comparatively high cost per barrel of oil produced. The Central Production Facility ("CPF") is currently 99% complete at the Umusadege site, and is planned to be commissioned in Q2 2013. With the new CPF active, operating costs are expected to be reduced from previous years. In addition to eliminating the high rental costs of the early production facilities, the CPF also includes gas fired generators for field power generation. Using Umusadege produced gas for power supply will also reduce operating costs compared to previous use of diesel generators.
Prospective Resources
As part of the Umusadege evaluation at year end 2012, Mart also commissioned an evaluation of the Prospective Resources within the Umusadege farmout area. There are currently three prospects identified by 3D seismic interpretation. RPS has evaluated the Prospective Resources in a separate report dated April 19, 2013, with an effective date of December 31, 2012 (the "RPS Resource Evaluation"). The Prospective Resources included in the RPS Resource Evaluation have been calculated in compliance with Canadian National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51- 101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH").
A summary of the unrisked Prospective Resource volumes on the Umusadege farmout (100% working interest) set out in the RPS Resource Evaluation is included in the following table. Resources volumes are stated in million barrels ("MMbbl").
Prospective Recoverable Low Estimate Best Estimate High Estimate
Resources (unrisked) MMbbl MMbbl MMbbl
Umusadege Farmout Area 9.4 19.9 38.0
The recoverable oil and condensate volumes in the above table are for the full asset (100% working interest). Mart's interest share is between 50% - 82.5% depending on cost recovery. During cost recovery Mart is entitled to 82.5% of field cash flow, and after cost recovery Mart retains 50% of field cash flow. Mart is able to use Umusadege cash flow from existing production to recover costs from exploration and appraisal drilling.
The risks associated with the Prospective Resources vary depending on the specific prospect, however the Geological Probability of Success ("GPoS") attributed by RPS to the prospective horizons generally vary between 15% and 50%. The prospects are in the immediate vicinity to the proved reserves at Umusadege, which reduces the risk associated with the source rock and hydrocarbon system.
In order to bring these Prospective Resources into the Reserves category, an exploration well and production test is required to prove the existence of hydrocarbons and their commerciality. The production of any discovered hydrocarbons also needs to be included in the current Umusadege field development plan in order to qualify for reserves. If successful, the exploration wells planned by Mart and its co-venturers to drill the prospects would be available for tie-in to the production gathering system. Therefore, in the event of exploration success, Mart expects to add any future discovered volumes to the reserves category. Exploration success is defined as discovery of hydrocarbons that can be commercially produced under current economic and technological conditions. Mart and its co-venturers plan to drill at least one of these prospects during 2013.
CHAIRMAN'S COMMENT:
Wade Cherwayko, Chairman & CEO of Mart said, "We are very pleased to report strong financial and operating results for 2012 with $58.0 million of net income, which amounts to $0.168 per share. The Company declared dividends totaling $0.20 per common share in 2012, and declared a dividend of an additional $0.05 per common share at the end of Q113. These results continue to demonstrate the significance of the Umusadege field's production capacity, and despite significant interruptions to production in 2012, Mart's share of the volume oil produced and sold exceeded the volume produced and sold in 2011. The Company continues to work towards maximizing production and increasing reserves. The construction of an additional export pipeline will enable the Umusadege co-venturers to fully exploit the potential of the Umusadege field. Our drilling program scheduled for 2013 includes the UMU-11 well, expected to begin drilling operations in Q213, and additional development drilling activities are planned for the remainder of 2013."
Mart will hold a conference call to discuss the operational and financial results for the year and quarter ended December 31, 2012. The conference call is scheduled for April 24, 2013 at 10:30 AM Mountain Daylight Time (12:30 Eastern Daylight Time). Wade Cherwayko, Chairman & CEO of Mart, and Dmitri Tsvetkov, Chief Financial Officer of Mart, will host the call and be available during the question-and-answer session. To access the conference call, please dial 1-866-226-1793 or 416-340-2216. An instant replay of the call will be available until May 1, 2013 by dialing 1-800-408-3053 or 905-694-9451 and entering pass code 3531510.
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.
Notes: 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).
This news release provides information regarding the Company's possible reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will be equal or exceed the sum of the proved plus probable plus possible reserves.
Information Regarding Reserves and Net Present Value of Future Net Revenues
All information contained in this press release regarding reserves and the net present value of future net revenue has been derived from the Company's Form 51-101 F1-Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2011 ("Statement of Reserves Data") which report, along with the Form 51-101F2-Report on Reserves Data and Form 51-101F3-Report of Management and Directors on Reserves Data and Other Information are available for review at www.sedar.com and on the Company's website at www.martresources.com.
Forward Looking Statements
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, statements (express or implied) contained herein or in Mart's Management's Discussion and Analysis ("MD&A") regarding the following should be considered forward-looking statements: the Company's goals and growth strategy, estimates of reserves and future net revenues, exploration and development activities in respect of the Umusadege field, the Company's ability to finance its drilling and development plans with cash flows from operations, the ability of the Company to successfully drill and complete future wells, the ability of the Company to commercially produce, transport and sell oil from the Umusadege field, future anticipated production rates, export pipeline capacity available to the Company, the expectation of the Company that production and export pipeline disruptions will not have a lasting impact on the Company's future production, timing of completion of the Company's upgrading of the central production facility, the construction and completion of an alternative export pipeline, the acceptance of the Company's tax filings by the Nigerian taxing authorities, treatment under government regulatory regimes including royalty and tax laws, projections of market prices and costs, supply and demand for oil, timing for receipt of government approvals, and the ability of the Company to satisfy its current and future financial obligations to its banks and other creditors.
In addition, information regarding the reserve and resource estimates attributable to Mart's oil and gas properties should be considered forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves and resources can be profitably produced in the future. Readers are referred to the heading "Forward Looking Statements" in the Company's Statement of Reserves Data for a more detailed discussion of risks associated with forward looking statements regarding reserves. In addition, past production performance, sales volumes and prices from the Umusadege field are not necessarily indicative of future performance, sales volumes and prices.
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 not place undue reliance on forward-looking statements contained in this news release. This cautionary statement expressly qualifies the forward-looking statements contained herein.
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.
Contacts:
Mart Resources, Inc.
Wade Cherwayko / Dmitri Tsvetkov
England office # +44 207 351 7937
Wade@martresources.com / dmitri.tsvetkov@martresources.com
Mart Resources, Inc.
Investor Relations
Toll Free 1-888-875-7485
www.martresources.com
