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Mart Provides UMU-3 Well Flow Test Results & Drilling Update

Source: www.gulfoilandgas.com 7/25/2014, Location: Africa

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 the following updates on Umusadege field drilling and flow testing operations.

UMU-3 Side-Track Horizontal Initial Well Flow Test Results
The UMU-3STH well, a horizontal side track of the original UMU-3 well, was drilled to target the oil bearing VI sand, which has average gross pay thickness in excess of 35 feet. The well was completed over a 787 foot horizontal section.

During initial flow testing, the well was tested at multiple choke settings ranging from 16/64 up to 40/64 over a 28 hour test period. In all tests, no sand production or water production was observed. The testing of the VI sand yielded an oil rate of 4,893 bopd of 26.6 API crude oil on a 40/64 choke setting and flowing tubing head pressure of 190 psig during a three hour flow test.

Basic sediment and water (BS&W) was less than 0.5%. During the final test at choke setting of 40/64, the well was still showing signs of cleaning up, with gradually increasing flow rates. Therefore, the rate stated here is not defined as stabilized, but observed during cleanup and flow testing.

The foregoing test results should be considered as preliminary. Readers are cautioned that the test results herein are not necessarily indicative of long-term performance or of ultimate recovery.

UMU-4 Sidetrack Horizontal Well
The drilling rig has been moved to the UMU-4 well location and is now rigged up on location. Operations to drill a sidetrack horizontal well targeting the VII sand are scheduled to begin shortly.

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