Mart Resources, Inc. and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited (together "the Co-venturers") are pleased to announce initial flow rate test results for the UMU-10 well and an update on Umusadege field production for the month of December 2012 and the first week of January 2013.

UMU-10 Well Test Results

As previously announced, the UMU-10 well encountered 479 feet of gross hydrocarbon pay in 20 sands. Six of these sands, XVIIa & XVIIb (commingled), XVIIIa, XIX, XXb, and XXI, are to be perforated, tested, and completed for production. Any two of these zones can be produced simultaneously using dual string sliding sleeve completion technology. The sands completed in UMU-10 are expected to access 161 feet of the total 479 feet of gross pay in the well. Five of the UMU-10 sands (XVIIa & XVIIb (comingled) is treated as one completion interval) have now been perforated and completed. The first extended flow rate test has been conducted on the XXI sand, the deepest of the sands to be tested, at a stabilized rate of 1,943 bopd during initial well clean up.

During the test of the XXI sand, the well flowed 55.3 API gravity oil through 3 1/2 inch tubing on a 28/64 inch choke at a flowing tubing pressure of 1260 psi. Basic sediment and water (BS&W) was 5% with a gas/oil ratio of approximately 588 standard cubic feet per barrel.

Tags: Mart Resources