Mart Resources, Inc. and its partners Midwestern Oil and Gas Company PLC (Operator) and Suntrust Oil Company Nigeria Limited announce their first crude oil export from the Umusadege field, located onshore Nigeria.
The first cargo of crude oil from the Umusadege field consisting of approximately 92,000 barrels of oil is currently loading into a tanker for export and sale. Mart and its partners have produced a total of approximately 120,000 barrels of oil from the UMU-1 well since the commencement of production in April 2008. The pricing for the first crude export sale will be based on the average price for Brass River Blend for the month of June, the average price to date for Brass River Blend is approximately $135 per barrel. The second crude oil export is scheduled for mid July 2008.
Mart’s drilling rig NRG-101 is currently preparing to commence drilling operations at the UMU-5 “twin well” location adjacent to the UMU-1 well. The objective of the well is to test and produce additional upper zones identified by the UMU-1 well in the Umusadege field. Mart and its partners are preparing to tie in the UMU-3 well for production, which was tested in November 2007.