Mart Resources Inc. (Toronto Venture: MMT) and its co-venturers, Midwestern Oil and Gas Co. Plc, operator of the Umusadege field, and SunTrust Oil Co. Ltd. are pleased to provide an update on Umusadege field production and drilling operations for the months of August and September 2012.
Umusadege field production during August 2012 averaged 12,131 bo/d and averaged 11,303 bo/d during September 2012. Umusadege field downtime during August 2012 was less than one day and during September 2012 was less than three days. The average field production based on producing days was 12,535 bo/d in August and 12,559 bo/d during September 2012. The average daily production in August and September 2012 was slightly lower than in July 2012 due to decreased export pipeline capacity allocated to the Umusadege field.
Total crude oil deliveries into the export pipeline from the Umusadege field for August 2012 were approximately 376,000 bbl and for September 2012 were approximately 339,000 bbl before pipeline losses. Pipeline and export facility losses for August 2012 as reported to Mart by the pipeline operator were 52,000 bbl or approximately 13.7% of total crude deliveries. July 2012 reported pipeline and export facility losses were 56,000 barrels or approximately 13.8% of total crude deliveries. September pipeline and export facilities losses have not yet been reported by the pipeline operator. Pipeline and export facility losses as reported by pipeline operator from the beginning of the year to end of August 2012 are approximately 13.3% of total crude deliveries. Mart and its co-venturers are continuing to investigate this situation and are working to obtain additional information regarding such losses including assessing the accuracy of volume reconciliations as well as the accuracy of the metering and reporting processes.
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