Mart Announces Updated Reserve Evaluations and Increases in Reserve Volumes
27 Junio 2012 - 7:30AM
Marketwired Canada
Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") is pleased to
announce the updated results of independent reserve evaluations of the Company's
reserves effective March 31, 2012.
Highlights are as follows:
-- Mart's total gross proved ("1P") oil reserves in the Umusadege field
increased 24% to approximately 13.9 million barrels of oil ("bbls")
compared to 11.2 million bbls at December 31, 2011;
-- Mart's total gross proved plus probable ("2P") oil reserves in the
Umusadege field increased 29% to approximately 19.2 million bbls
compared to 14.9 million bbls at December 31, 2011;
-- Mart's total gross proved plus probable plus possible ("3P") oil
reserves in the Umusadege field increased 14% to approximately 25.0
million bbls compared to 22.0 million at December 31, 2011;
-- Mart's net present value before tax of future net revenue, discounted at
10%, from the 2P Umusadege field reserves as at March 31, 2012 was
US$927.4 million (compared to US$782.4 million as at December 31, 2011).
The changes in the 1P, 2P and 3P reserves figures and net present value of
future net revenue contained in the highlights provided above are mainly
attributable to an extension of the Umusadege field and a new pool discovery
comprised of the lower sands encountered by the UMU-9 well. These reserves have
been calculated in compliance with National Instrument 51-101 - Standards of
Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation
Handbook and have been derived from the data contained in the independent
reserve evaluation prepared by RPS Energy Canada Ltd. ("RPS") dated June 15,
2012 with an effective date of March 31, 2012 (the "RPS March 2012 Report").
The updated reserves relating to the Umusadege field are summarized below.
Summary of Oil and Gas Reserves
as at March 31, 2012
Using Forecast Prices and Costs(1)
Oil(2) NGLs Natural Gas
------------------------------------------------------
Gross(3) Net(4) Gross(3) Net(4) Gross(3) Net(4)
(mmbl) (mmbl) (mmbl) (mmbl) (mmscf) (mmscf)
------------------------------------------------------
Proven Developed
Producing 5,901 5,591 - - - -
Non-Producing - - - - - -
Proved Developed Non-
Producing 8,030 7,437 - - - -
------------------------------------------------------
Total Proved 13,930 13,028 - - - -
Total Probable 5,262 4,772 - - - -
------------------------------------------------------
Total Proved plus
Probable 19,192 17,800 - - - -
Total Possible 5,888 5,115 - - - -
------------------------------------------------------
Total Proved plus
Probable plus
Possible 25,080 22,915 - - - -
------------------------------------------------------
------------------------------------------------------
Notes:
(1) The information contained herein for the Umusadege field has been
derived from the RPS March 2012 Report.
(2) All of Mart's proved, probable and possible oil reserves have been
classified as light and medium oil. Mart has no heavy oil reserves.
(3) Gross reserves means Mart's working interest share of total field
reserves before deducting reserves attributable to government and
third party royalties and income taxes or their equivalent.
(4) Net reserves means Mart's working interest share of total field
reserves after deducting reserves attributable to government and
third party royalties but before income taxes or their equivalent.
The following tables summarize the undiscounted value and the present value,
discounted at 5%, 10% and 15% of the estimated future net revenue of the
Umusadege field based on forecast price and cost assumptions as of April 1,
2012.
Summary of Net Present Value of Future Net Revenue
as at March 31, 2012
Using Forecast Prices and Costs(1)
(In US$ millions)
Before Tax(2)
Discounted At
--------------------------------------------------
0% 5% 10% 15% 20%
--------------------------------------------------
Proven Developed Producing 419.7 378.6 346.2 320.0 298.4
Proved Developed Non-
Producing - - - - -
Proved Undeveloped 566.1 438.6 354.7 295.7 252.0
--------------------------------------------------
Total Proved 985.8 817.2 700.9 615.7 550.4
Total Probable 450.7 304.0 226.5 180.2 149.8
--------------------------------------------------
Total Proved and Probable 1,436.5 1,121.3 927.4 795.9 700.2
Total Possible 499.7 354.4 274.9 225.0 190.6
Total Proved plus Probable
plus Possible 1,936.2 1,475.7 1,202.3 1,020.9 890.9
--------------------------------------------------
--------------------------------------------------
After Tax(3)
Discounted At
--------------------------------------------------
0% 5% 10% 15% 20%
--------------------------------------------------
Proven Developed Producing 335.0 305.0 281.0 261.4 245.0
Proved Developed Non-
Producing - - - - -
Proved Undeveloped 350.9 277.3 228.1 193.1 166.8
--------------------------------------------------
Total Proved 686.0 582.8 509.2 454.5 411.8
Total Probable 263.3 183.9 141.6 116.1 99.0
--------------------------------------------------
Total Proved and Probable 949.3 766.2 650.8 570.5 510.8
Total Possible 295.7 217.5 173.7 145.7 125.8
Total Proved plus Probable
plus Possible 1,245.1 983.7 824.5 716.2 636.7
--------------------------------------------------
--------------------------------------------------
Notes:
(1) The information contained herein for the Umusadege field has been
derived from the RPS March 2012 Report.
(2) "Before Tax" net present value of future net revenue has been
calculated to consist of Mart's share of gross field revenue less
(i) royalties paid to the government and third parties; and (ii)
operating and capital expenses.
(3) "After Tax" net present value of future net revenue consists of
Mart's share of gross field revenue less (i) royalties paid to the
government and third parties; (ii) operating and capital expenses;
and (iii) Nigerian income taxes, petroleum profits taxes or their
equivalent.
The RPS price forecast utilized in the RPS March 2012 Report based on forecast
price and cost assumptions as of April 1, 2012 is summarized below.
Using Forecast Oil Prices
Oil
------------------------------------------------------------
West Texas
Intermediate at Brent@SullomVoe Inflation Rate
Year Cushing ($US/bbl) ($US/bbl) (%/annum)
----------------------------------------------------------------------------
Forecast
2012 105.36 120.00 2.0
2013 104.22 112.50 2.0
2014 98.96 105.30 2.0
2015 94.62 100.81 2.0
2016 97.42 102.83 2.0
2017 99.37 104.89 2.0
2018 101.35 106.99 2.0
2019 103.38 109.13 2.0
2020 105.45 111.31 2.0
2021 107.56 113.53 2.0
2022 109.71 115.80 2.0
2023 111.90 118.12 2.0
2024 114.14 120.48 2.0
2025 116.42 122.89 2.0
2026 118.75 125.35 2.0
2027 121.13 127.86 2.0
2028 123.55 130.41 2.0
2029 126.02 133.02 2.0
2030 128.54 135.68 2.0
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.
INVESTOR RELATIONS:
Investors are also welcome to contact one of the following investor relations
specialists for all corporate updates and investor inquiries:
FronTier Consulting Ltd.
Mart toll free # 1-888-875-7485
Attn: Sam Grier
Dan Glass
Email: inquiries@martresources.com
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 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, information regarding the reserve estimates attributable to
Mart's oil and gas properties should be considered forward-looking statements,
as they involve the implied assessment, based on certain estimates and
assumptions, that the reserves described exist in the quantities predicted or
estimated and that the reserves can be profitably produced in the future.
Readers are referred to the heading "Forward-Looking Statements" in the
Company's Statement of Reserves Data for a more detailed discussion of risks
associated with forward-looking statements. In addition, past production
performance, sales volumes and prices from Mart's Umusadege field are not
necessarily indicative of future performance, sales volumes and prices.
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 not 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
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