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MMT Mart Resources

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0.00 (0.00%)
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-3 Well Flow Test Results and Drilling Update

25/07/2014 1:30pm

Marketwired Canada


Mart Resources, Inc. (TSX: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 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 Side-Track 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 side-track horizontal well targeting the VII
sand are scheduled to begin shortly.


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. 


There is no assurance that the Company will be able to commercially produce,
transport or sell oil from the UMU-3 side track horizontal well (or any one or
more of the sands identified by the UMU-3STH well). There is also no assurance
that the Company will be able to execute a successful horizontal well sidetrack
of the UMU-4 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-3STH well (or any one or more of the hydrocarbon sands
identified by the UMU-3STH well) or the UMU-4 well, should all be viewed as
forward-looking statements. The foregoing test results should be considered as
preliminary. The well log interpretations indicating hydrocarbon-bearing sands
are not necessarily indicative of future production or ultimate recovery. 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.


NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN
THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THE RELEASE.


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


Mart Resources, Inc. - London, England
Dmitri Tsvetkov
+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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