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MMT Mart Resources

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Share Name Share Symbol Market Type
Mart Resources TSXV:MMT TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Mart Resources, Inc.: UMU-11 Initial Well Test Results

20/12/2013 12:30pm

Marketwired Canada


Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") and its
co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege
field) and SunTrust Oil Company Limited are pleased to announce initial flow
rate test results for the UMU-11 well and an update on the UMU-10 well test. 


UMU-11 Well Test Results

The UMU-11 well encountered 294 feet of gross oil pay in 13 sands. The well was
intentionally drilled to a shallower depth than the UMU-9 and UMU-10 wells and
therefore did not encounter the deeper sands encountered in previous wells. The
sands selected for completion in the UMU-11 well were the IX, XIIb, and XIIIb
sands, with combined gross oil pay of 84 feet. Using dual tubing string
technology, two of these zones can be produced separately and simultaneously.


The testing of the IX sand yielded a flow rate of 1,324 bopd during clean up at
43 degree API crude oil on a 32/64 inch choke setting and flowing tubing head
pressure of 230 psig. Basic sediment and water ("BS&W") was 0.1%.


As previously announced, the testing of the XIIb sand yielded a stabilized rate
of 3,650 bopd during clean up at 41 degree API crude oil on a 28/64 inch choke
setting and flowing tubing head pressure of 500 psig and BS&W of 0.4%. During
the clean up flow test of the XIIIb sand, the well flowed 43.0 degree API crude
oil at a stabilized rate of 1,520 bopd on a 32/64 inch choke setting with
flowing tubing head pressure of 260 psig and BS&W of 0.4%.


The combined flow rate of the three sands flow tested in the UMU-11 well was
6,494 bopd. Final test results will be released once the testing program has
been completed.


UMU-10 Well Test Update

A coiled tubing unit is on location at the UMU-10 well to carry out the
remaining testing operations on sands XXb and XIX in the long string. Multirate
flow testing will be performed on all sands completed in the long string: XIX,
XXb, and XXI.


Additional information regarding Mart is available on the Company's website at
www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.


Except where expressly stated otherwise, all production figures set out in this
press release, including bopd, reflect gross Umusadege field production rather
than production attributable to Mart. Mart's share of total gross production
before taxes and royalties from the Umusadege field fluctuates between 82.5%
(before capital cost recovery) and 50% (after capital cost recovery).


Forward Looking Statements and Risks

Certain statements contained in this press release constitute "forward-looking
statements" as such term is used in applicable Canadian and US securities laws.
Any statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future
events or are not statements of historical fact and should be viewed as
"forward-looking statements". These statements relate to analyses and other
information that are based upon forecasts of future results, estimates of
amounts not yet determinable and assumptions of management. Such forward looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. 


In particular, there is no assurance that the Company will be able to
successfully test the UMU-10 well or commercially produce, transport or sell oil
from the UMU-10 well or UMU-11 well (or any one or more of the sands identified
by the UMU-10 well or UMU-11 well). Statements (express or implied) regarding
the ability of the Company to successfully complete, test and commercially
produce, transport and sell oil from the UMU-1- well or UMU-11 well (or any one
or more of the hydrocarbon sands identified by the UMU-10 well or UMU-11 well),
should all be viewed as forward-looking statements. The well log interpretations
indicating hydrocarbon-bearing sands are not necessarily indicative of future
production. There is no assurance that reserves will be assigned to such
hydrocarbon bearing sands.


There can be no assurance that such forward-looking statements will prove to be
accurate as actual results and future events could vary or differ materially
from those anticipated in such statements. Accordingly, readers should no place
undue reliance on forward-looking statements contained in this news release. The
forward-looking statements contained herein are expressly qualified by this
cautionary statement.


Forward-looking statements are made based on management's beliefs, estimates and
opinions on the date the statements are made and the Company undertakes no
obligation to update forward-looking statements and if these beliefs, estimates
and opinions or other circumstances should change, except as required by
applicable law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mart Resources, Inc. - London, England
Wade Cherwayko
office # +44 207 351 7937
Wade@martresources.com


Mart Resources, Inc. - London, England
Dmitri Tsvetkov
office # +44 207 351 7937
dmitri.tsvetkov@martresources.com


Mart Resources, Inc. - Canada
Sam Grier
403-270-1841
sam.grier@martresources.com
www.martresources.com

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