|The Q3-15 numbers out this morning aren't doing holders here any favours either. Death by a thousand cuts comes to mind as the scammers continue to kill off holders in instalments. The only surprise to me is that none of the big holders State side has taken these to task through the courts. It appears the TSE are as toothless and useless as our regulators.|
|Certain people at least Duke, I've slowly ( far too slowly) reacted to these lacking any semblance of paddles.
Right now anyone still holding must feel like the Xmas goose being grabbed by the neck.
This particular goose has long been used to a paso up the back passage in the cornfield, but now he must be thinking hey up what the flucks going on here, grabbing me a bit tight tonight!|
|Indeed RB. Their imagineering to screw is impressive.|
|Duke is Nigeria not renowned as a country for scams?|
|I'll take the 35 cents (52% profit for me)but as you say RB, it's a pi$$ take.
Mart Enters Into Arrangement Agreement With Delta Oil Http://www.marketwired.com/press-release/-2064530.htm
Intriguing that the big MS buys around the 50 cents mark a while back were rumoured to be for a Saudi outfit. Perhaps this is it?|
|Oh well 35c is a pi$$ take, but at least I believe it will happen with Delta Oil. Take the money i've remaining on the table and it gets my vote. Better than when this all started, but oh what could've been.
Doubt these boys will list on the Canadian exchange :(|
|The not in talks comment is intriguing, perhaps a false hope, but could be a deja vu from years ago, or rather would be nice after suffering the last year if it could hold on for higher oil then reevaluate.
Wishful thinking maybe?|
|Mart Resources Inc. has been halted at 6:21 a.m. PT on Oct. 9, 2015, pending news.
MW back in again perhaps?|
|This piece summarises the Mart conference call on Friday morning.
(Courtesy of Carswell at IV)
Mart Resources Inc. (MMT) added three cents to 21 cents on 2.04 million shares, more than regaining the two cents it lost yesterday after its 80-cent-a-share takeover offer from Midwestern Oil, a joint venturer in Nigeria, was officially cancelled. The fact that the stock was in the 20-cent range even before the cancellation shows that shareholders did not believe that the takeover would happen anyway. They seemed reassured by this morning's conference call, hosted by Dmitri Tsvetkov. He has been the CFO for three years and became interim CEO earlier this year after the previous holder of that job, Wade Cherwayko, came under an internal investigation that ultimately found multiple violations of Mart's code of conduct and insider trading policy. Mr. Cherwayko was kept on as a consultant while the talks with Midwestern were going on, but was fully cut loose yesterday once the talks ended. (As for where he is supposed to go next, newspapers in the United Kingdom say jail. As discussed in yesterday's Energy Summary, Mr. Cherwayko received a 21-month jail sentence from a London judge this week for failure to comply with court orders in his five-million-pound divorce case.)
Mr. Tsvetkov was full of reassurances during this morning's conference call. He said the relationship between Mart and Midwestern, which work together at the Umusadege and OML 18 oil fields in Nigeria, is still strong. Midwestern even made noises yesterday about a "potential alternative transaction ... in the future." Mart is certainly open to that, said Mr. Tsvetkov, but it is also looking into other options, including mergers, asset sales or simply continuing with current operations. That led to Mr. Tsvetkov's next set of reassurances: that Mart is actually able to continue operations. He talked up Mart's low costs, its increasing production and its plans to keep the increases coming. Specifically, production at Umusadege is expected to reach 25,000 to 30,000 gross barrels of oil a day by year-end, up from around 18,500 in July. Another near-term bit of excitement at Umusadege could come from the results of an exploration well in the western part of the field. At OML 18, which was producing 14,000 gross barrels a day upon its acquisition in March, production exceeded 30,000 barrels a day on some days in August. A reserve report on OML 18 is expected in six months. Moving from operations to finances, Mr. Tsvetkov acknowledged that Mart's $200-million (U.S.) debt is high, but: (1) principal repayments are deferred until March, 2016; and (2) Mart's capital spending at Umusadege is fully financed and OML 18 will ideally be self-financing (though that is not certain yet because the owners are still "carefully assessing the work program"). All in all, his remarks seemed to soothe investors, who need a lot of soothing after their year of watching the stock plummet to 21 cents from nearly $1.50.|
|Yesterday's news was not news, most expected it, it's more a case of what price will they deal?
O/t had better news at SMB yesterday and worth a longer term wait now funding secure.|
|* Interesting news release from MW yesterday attempting to paper over the cracks! It'll be interesting to see what happens next with these two outfits. Might be worth a small punt at these levels as the share price held up well after the "merger" officially failed.
LAGOS, Nigeria, Aug. 27, 2015 /PRNewswire/ - Further to ongoing discussions between Midwestern Oil and Gas Company Limited ("Midwestern") and Mart Resources, Inc. ("Mart"), Midwestern has advised Mart that it is unable to conclude the financing required to consummate the contemplated transaction at the price agreed pursuant to the arrangement agreement, as amended, between Midwestern and Mart (the "Arrangement Agreement"). As a result, Mart has elected to terminate the Arrangement Agreement in accordance with its terms.
Midwestern believes that Mart has historically been a strong strategic partner in the development of the Umusadege field. Midwestern anticipates continuing to work with Mart under the defined terms of the existing risk services agreement between the parties (the "RSA"). Midwestern also believes that a potential alternative transaction, which brings together both companies, could provide the shareholders of both companies with additional value in the future.
Against the broader macro-environment for emerging market exploration and production companies, falling oil prices, the volatile Mart share price and the unique nature of Mart's interest in the Umusadege field by virtue of the RSA, it has not been possible for Midwestern to raise the financing in a manner that preserves value for its shareholders.
Midwestern will continue to explore strategic alternatives with Mart in addition to alternative funding sources. Midwestern, as the operator of the Umusadege field and Umugini Asset Management Company Limited (pipeline operator), will continue to remain focused on operating and further developing the Umusadege field and supporting the management team of Eroton Exploration and Production Company Limited in operating the recent OML 18 acquisition.|
|blimey, I had not seen the share price when I posted.
if you had some millions and some patience, you could make a fortune buying and mothballing mmt until the OP comes back to sensible levels
though i had screwed up when i sold up here a few months ago, seems i was lucky|
here and there
|Somehow don't think Wade will be appearing on any Oil forum stages here again soon!|
|Here's a bit of karma, if they can get him back to the UK.
|Drop I oil price has scuppered deal.....new deal at 50-60?|
here and there
|* Not a good news release here just before the open. Down another 25%, the shafting continues....
CALGARY, Alberta – Mart Resources, Inc. (TSX: MMT) (“Mart” or the “Company”;) announces that further to its press releases of June 15, 2015, July 16, 2015 and July 27, 2015, under the terms of the Arrangement Agreement (as amended), Midwestern Oil and Gas Company Limited (“Midwestern8221;) has until August 19, 2015 to complete the Midwestern Financing. However, Mart has been advised by Midwestern that it will not be able to complete the Midwestern Financing to acquire Mart at $0.80 per common share. Mart and Midwestern are continuing discussions regarding an alternative transaction at a lower price per Mart common share. There is no certainty that the discussions with Midwestern will result in an alternative transaction.
For more information, please contact Dmitri Tsvetkov, interim CEO and CFO at Mart’s London, England office at # +44 207 351 7937 or by e-mail: email@example.com; or in Canada contact Sam Grier at 403-270-1841 or e-mail: firstname.lastname@example.org. 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.|
|Hmm decisions, decisions. As for Wade, I think his wife is taking him to the cleaners whatever happens to Mart.|
|This MW 80 cents deal is scheduled to close in 2 days on Aug 19, but will it?
Currently trading under 30 cents, are there any brave souls left out there placing bets or even tempted by a 2 day double + bagger, or is this market finally pricing in a busted flush here?
How is this ex CEO and current BoD not in jail yet?|
|Latest financials out, reality of low oil kicking in, meanwhile the wait gets nearer unless we are still in Groundhog mode.|