Mart Resources, Inc and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited are pleased to provide an update on Umusadege field production and drilling operations.
May 2012 Production Update
Umusadege field production during the month of May 2012 averaged 10,613 bopd. Umusadege field downtime during May 2012 was 3.2 days, mainly due to shut downs required to install a new metering system at the Agip flow station. The average field production based on producing days was 11,834 bopd. Average daily production in May 2012 was slightly lower than in April 2012 due to reduced export pipeline capacity allocated to the Umusadege field. Total crude oil deliveries into the export storage tanks from the Umusadege field for the month of May, adjusted for estimated pipeline losses, were approximately 329,000 bbls.
UMU-10 Well Update
It is currently anticipated that the UMU-10 well will be spudded in the next week. The primary objectives of the UMU-10 well will be the oil-bearing sands identified in the 8 1/2 inch deviated hole section of the UMU-9 well.
Mart Presenting at Two International Oil and Gas Conferences
Wade Cherwayko, Chairman and CEO of Mart, was and will be a presenter at two international oil and gas conferences this week. The location and details of the conferences are listed below and also posted on Mart’s web site under Events.