Mart to export crude oil from Umusadege field

The consortium of Mart Resources, Inc., Midwestern Oil and Gas Company PLC and Suntrust Oil Company Nigeria Limited, have started export of their first crude oil from the Umusadege field, in Nigeria.

The consortium, which has produced a total of approximately 120,000 barrels of oil from the UMU-1 well since April 2008, is loading approximately 92,000 barrels of oil into a tanker from the field for sale.

The consortium has plans to export second crude oil from the field some time in mid July.

The pricing for the first crude export sale will be based on the average price for Brass River Blend for the month of June, the average price to date for Brass River Blend is approximately $135 per barrel.