Mart Resources, Inc. and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited are providing the following update on Umusadege field production and drilling operations for the month of October 2012 and production operations for the first part of November 2012.

October 2012 Production Update

Umusadege field production during October 2012 averaged 10,217 bopd. Umusadege field downtime during October 2012 was 6 days due to due to various disruptions in the export pipeline, well testing activities, maintenance and modification of production facilities. The average field production based on producing days was 12,669 bopd in October 2012.

Total crude oil deliveries into the export pipeline from the Umusadege field for October 2012 were approximately 317,000 bbls before pipeline losses. Pipeline and export facility losses for September 2012 as reported by the pipeline operator were 40,018 bbls or approximately 11.6% of total crude deliveries (losses for August 2012 as reported the pipeline operator were 52,000 bbls or approximately 13.7% of total crude deliveries).

Tags: Mart Resources