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MMT.v Mart Resources C$.17



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By Bobwins

Posted: Sunday Mar 2 11:28:43AM 2014

In December, I made a decision to sell all my Mart, which has been my biggest holding for several years.  I got tired of the delays in the 2nd pipeline, which stopped drilling because they couldn't pump any new wells. The constant theft of oil from the AGIP line also threatens future financial results.  They are still making money but a much smaller amount than a couple of years ago.  At the time I sold, I was planning on re entering Mart when they looked like they could complete the second pipeline. The second pipeline will unleash new drilling and allow actual new production that could double and possible triple real production. But the theft will continue.  Part of the deal and why they are paying such a hefty dividend to attract investors.  

I took my Mart money and put it into PEIX, a US based ethanol producer.  Conditions in the ethanol industry have gone from disaster in 2012 to a great fundamental situation in 2013.  PEIX barely survived 2012.  They had declared bankruptcy in 2010 and were exactly healthy entering 2012.  They have 4 West Coast ethanol plants with 3 operating.  The drought in 2012 caused corn prices to skyrocket, sending the primary cost of ethanol soaring while ethanol prices didn't go up as much.  Big losses!  But high prices caused mid West farmers to plant record acreage in corn and produce huge amounts.  Corn dropped 60% in 2013 in price.  Ethanol producers are making money hand over fist now.

PEIX was as low as 2.50 last fall.  I bought at 3.80 to $5 and options right up to earnings date last week.  PEIX soared to $15 on Thursday based on Q4 eps of .54.  There were some non cash charges due to good reasons(early debt repayment) so sustainable eps was probably closer to .60.  So multiply by 4 and PEIX is actually still cheap.  Expecting 2014 eps to be around $4 so could be really cheap if corn prices are stable and ethanol prices keep climbing.

PEIX also announced they are restarting their 4th plant in Q2.  

Ethanol margins are extremely volatile so this isn't a simple buy and hold but for now, the switch has really paid off.  I sold MMT.v around 1.21 so would have had a positive move in my biggest holding but PEIX has been a huge win for me.  I am holding all the stock I bought around $4 but bought and sold a bigger amount of options, which were home runs.  Expecting to buy more options as the stock consolidates the rocketship ride up and before Q1 earnings are reported in late April or May.  I expect PEIX to hit $30 before year end.


By kaybo

Posted: Friday Feb 28 9:42:25AM 2014

Hey Bobwins,

are you still holding on to Mart?  I see that they had their loan credit increased, and the stock has moved up this week.


Kbo


By Bobwins

Posted: Thursday Apr 4 8:57:43AM 2013

My favorite stock and biggest holding has been getting thumped lately.  Down about .60 since early March when they declared their most recent qtrly dividend of .05.  At current price, they are yielding 14%.  Of course, that's the problem.  Their only pipeline has been shut down for weeks.  Supposed to reopen in April but still closed now.  Mart still gets paid for their oil by the pipeline company and has to make it up later so cashflow isn't bad now but prolong shutdown will not help.  Company arranged 100 million dollar loan to ensure dividend payments and ability to pay for new pipeline and drilling to take advantage of extra capacity in the fall.  There was also an announcement that the new pipeline is taking longer than forecast to get approval from all the villages on the route.  They all want a lot more money!  What a surprise.  Anyway Q4 before new pipeline is done is current estimate.  

I am holding.  Painful but I've been holding for 3  years and this bump in the road is no different.  The oil is there.  Nigeria can be a pain but the oil is there.  Looking forward to Mart drilling their first horizontal.  The vertical are still showing minimal depletion after 3+years of producing.  Horizontal could be big, maybe 6 to 10,000bpd, with same low depletion rates because this isn't shale.  They don't have to frack to get it to flow.  


By Bobwins

Posted: Tuesday Feb 19 10:09:26AM 2013

Mart continues to hit new all time highs!   +.15 to C$2.27 on 1.7million shares traded!  

 

No news.  Must be big money has decided our little Nigerian orphan is growing up!  

 


By Bobwins

Posted: Wednesday Jan 9 7:55:33AM 2013

MMT.v  +.10 to C$1.85    This is a very important test well for Mart.  The 4 deep zones they are testing first have never been tested or produced in the Umusadege field.  All the other producing zones are constant across the field so if these 4 zones test as well as the first at 1943bpd, Mart should get a BIG add to reserves as the zones are proved up in subsequent wells.  

Still don't have the new export pipeline deal signed but Shell is selling the pipeline so they have to close that deal first before they will sign with Mart.  Mart could have as much as 30,000bpd behind pipe by the time the pipeline is built and operating.  Mart still has big upside.  

 

 

CALGARY, ALBERTA--(Marketwire - Jan 9, 2013) - Mart Resources, Inc. (TSX VENTURE: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 (together "the Co-venturers") are pleased to announce initial flow rate test results for the UMU-10 well and an update on Umusadege field production for the month of December 2012 and the first week of January 2013.

UMU-10 Well Test Results

As previously announced, the UMU-10 well encountered 479 feet of gross hydrocarbon pay in 20 sands. Six of these sands, XVIIa & XVIIb (commingled), XVIIIa, XIX, XXb, and XXI, are to be perforated, tested, and completed for production. Any two of these zones can be produced simultaneously using dual string sliding sleeve completion technology. The sands completed in UMU-10 are expected to access 161 feet of the total 479 feet of gross pay in the well. Five of the UMU-10 sands (XVIIa & XVIIb (comingled) is treated as one completion interval) have now been perforated and completed. The first extended flow rate test has been conducted on the XXI sand, the deepest of the sands to be tested, at a stabilized rate of 1,943 bopd during initial well clean up.

During the test of the XXI sand, the well flowed 55.3 API gravity oil through 3 1/2 inch tubing on a 28/64 inch choke at a flowing tubing pressure of 1260 psi. Basic sediment and water (BS&W) was 5% with a gas/oil ratio of approximately 588 standard cubic feet per barrel.

Four UMU-10 well tests remain, including the individual testing of the XXb, XIX, XVIIIa, and the co-mingled testing of the XVIIa & XVIIb sands. All sands will be initially tested on restricted choke settings during clean up, as has been done for the XXI sand. Once all completed sands have finished the clean-up operations, each will undergo a multirate flow test on various choke sizes, which may include choke sizes greater than those used for the clean-up operations.

Further updates will be provided on these remaining targeted sands once testing has been completed and results are available.

December 2012 Production Update

As previously reported, there was no production from the Umusadege field in November 2012 through December 20, 2012 due to a shutdown of the export pipeline that started on October 30, 2012. Nigerian Agip Oil Company ("AGIP"), the pipeline operator, has advised that repairs to the export pipeline were completed, and production from the Umusadege field and other fields in the area (collectively the "Cluster") began on a test basis early on December 21, 2012. Production and deliveries into the export pipeline from the Cluster increased to normal levels by the end of December 2012 and have averaged 11,800 bopd during the period from January 1, 2013 to January 8, 2013.

Total crude oil deliveries into the export pipeline from the Umusadege field for December 2012 were approximately 92,000 bbls before pipeline losses. Pipeline and export facility losses for November 2012 as reported by the pipeline operator were 0 bbls, as the pipeline was down for all of November 2012. December 2012 pipeline and export facilities losses have not yet been reported by the pipeline operator. Pipeline and export facility losses as reported by the pipeline operator from the beginning of the year to end of November 2012 are approximately 13.6% of total crude deliveries during this eleven month period.

Wade Cherwayko, CEO of Mart Resources stated: "Mart and its partners are pleased and encouraged with the initial flow test results from the UMU-10 well, which demonstrate that the exceptional reservoir of the Umusadege field extends further than previously assigned. We are looking forward to receiving results from tests of the remaining perforated sands in the coming weeks. We are also happy to report normalized operations for the AGIP pipeline starting in January 2013."

Additional information regarding Mart is available on the Company''s website atwww.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 or Timea Carlsen

Email: inquiries@martresources.com


By Bobwins

Posted: Thursday Dec 27 7:37:59AM 2012

MMT.v  +.08 to C$1.55  finally an Xmas present from Mart.

 

CALGARY, ALBERTA--(Marketwire - Dec 24, 2012) - Mart Resources, Inc. (TSX VENTURE: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 providing the following update on Umusadege field production operations.

Umusadege Production Resumes

Due to an ongoing shutdown of the export pipeline that started on October 30, 2012, there had been no production from the Umusadege field in November 2012 through December 20, 2012. Nigerian Agip Oil Company ("AGIP"), the pipeline operator, has advised that repairs to the export pipeline have been completed, and production from the Umusadege field and other fields in the area (collectively the "Cluster") began on a test basis early on December 21, 2012. Production and deliveries into the export pipeline from the Cluster are expected to be increased to normal levels over the next several days.

AGIP has also lifted its previous declaration of force majeure on loadings at the Brass River Export Terminal. The most recent shipment of crude oil produced from the Umusadege field occurred at the beginning of November 2012, with a shipment of crude oil produced in October 2012 of 320,000 barrels of oil.

Additional information regarding Mart is available on the Company''s website atwww.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 or Timea Carlsen

Email: inquiries@martresources.com


By Bobwins

Posted: Thursday Nov 15 7:02:01AM 2012

mmt.v  -.14 to C$1.53  Big drop caused by shutdown of pipeline for Mart.  No production so far in November.  Flooding is hampering repair efforts.    Pipeline agreement is supposed to be imminent but they've been saying that for months.  This is an overreaction since Mart has enough cash to survive and building second pipeline will radically improve their position.  New pipeline will be buried and have a concrete cover to prevent easy access.  

 

 

Mart's Umusadege produces 10,217 bopd in October 

2012-11-15 08:39 ET - News Release 

Mr. Wade Cherwayko reports 

MART RESOURCES, INC.: OCTOBER 2012 OPERATIONAL UPDATE AND NOVEMBER PRODUCTION DISRUPTIONS 

Mart Resources Inc. and its co-venturers, Midwestern Oil and Gas Company PLC (operator of the Umusadege field) and SunTrust Oil Company Ltd., are providing the following update on Umusadege field production and drilling operations for the month of October, 2012, and production operations for the first part of November, 2012. 

October, 2012, production update 

Umusadege field production during October, 2012, averaged 10,217 barrels of oil per day (bopd). Umusadege field downtime during October, 2012, was six days due to due to various disruptions in the export pipeline, well testing activities, maintenance and modification of production facilities. The average field production based on producing days was 12,669 bopd in October, 2012. 

Total crude oil deliveries into the export pipeline from the Umusadege field for October, 2012, were approximately 317,000 barrels before pipeline losses. Pipeline and export facility losses for September, 2012, as reported by the pipeline operator were 40,018 bbl or approximately 11.6 per cent of total crude deliveries (losses for August, 2012, as reported the pipeline operator were 52,000 bbl or approximately 13.7 per cent of total crude deliveries). October 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 September, 2012, are approximately 13.1 per cent of total crude deliveries during this nine-month period. 

November, 2012, production disruptions 

Mart was informed of leakages on its export pipeline, causing the pipeline operator to temporarily close the pipeline on Oct. 30, 2012. The pipeline operator has advised that it has been unable to inspect the export pipeline to determine the extent of damage, as flooding due to bad weather has caused the export pipeline to be inaccessible. 

The Brass River export terminal, where oil production from the Umusadege field is shipped, has also been experiencing loading delays due to extreme flooding in the area. As a consequence, Nigerian Agip Oil Company Ltd. (AGIP) has declared force majeure on loadings at the Brass River export terminal until the flooding situation is rectified. 

As a consequence of the foregoing, all Umusadege field production shipped through the AGIP export pipeline has been shut in pending AGIP's ability to access, inspect and repair the export pipeline and rectify the flooding situation at the Brass River export terminal. Mart will provide periodic operational updates on the resolution of these matters as they become available. 

UMU-10 well update 

As previously released, the UMU-10 well encountered a 479-foot gross hydrocarbon pay in 20 sands. Six of these sands, XVIIa and XVIIb (commingled), XVIIIa, XIX, XXb, and XXI, will be perforated, tested, and completed for production. Any two of these zones can be produced simultaneously using dual string sliding sleeve completion technology. The sands completed in UMU-10 will access 161 feet of the total 479 feet of gross pay in the well. 

Export pipeline 

Mart and its co-venturers are nearing conclusion of negotiations with an affiliate of Royal Dutch Shell PLC to complete a crude handling agreement that will enable plans to move forward to provide a second independent export pipeline for Umusadege field production. Mart and its co-venturers will then gain access to Shell's export facilities and a 50-kilometre pipeline will be constructed.


By Bobwins

Posted: Monday Nov 5 8:45:38AM 2012

Sounds like another big well for Mart.  Of course, they can't produce this one until they sign the pipeline deal, build it and start producing into it.  All 12-24 months away, especially if Shell takes this long just to sign the agreement.  Imagine what's going to happen if there are any adjustments needed to the agreement during construction or early production.  

 

 

2012-11-05 08:46 ET - News Release 


Mr. Wade Cherwayko reports 

MART RESOURCES, INC.: UMU-10 WELL UPDATE 

Mart Resources Inc. and its co-venturers, Midwestern Oil and Gas Co. PLC (operator of the Umusadege field) and SunTrust Oil Co. Ltd., are providing an update on the UMU-10 well at the Umusadege field in Nigeria. 

As previously announced, the UMU-10 well has reached a final total drilling depth of approximately 9,757 feet. UMU-10 is an appraisal well targeting the sands encountered in the UMU-9 exploration/step-out well, including the deep sand discoveries. Based upon comprehensive open hole logging, the UMU-10 well encountered 479 feet of gross pay in 20 sands. The reservoirs encountered are consistent with the findings in the UMU-9 well, with one additional oil-bearing discovery in the UMU-10 well that was wet in UMU-9. The five deep sand discoveries encountered in UMU-9, along with the additional oil sand encountered in UMU-10, have not previously been flowed to surface. These deep sands are the primary testing and completion targets for the UMU-10 well. 

Downhole pressure and fluid sample tests were taken over all reservoirs. Preliminary evaluations based on log and drilling data for the UMU-10 well show 19 light oil reservoirs and one gas/condensate reservoir. These conclusions are consistent with results of tests on the UMU-9 well. The down-hole fluid samples have confirmed hydrocarbon type, and will provide critical information for reservoir management and field development planning. 

The completion program and production testing operations on the UMU-10 well will continue through November 2012 and are expected to take at least 30 days. 

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. 

We seek Safe Harbor. 


By Bobwins

Posted: Wednesday Oct 24 8:20:44AM 2012

MMT.v   +.06 to C$1.90    chugging towards C$2!!!!  

 

no news.  Must be anticipation for good UM-10 results and long awaited pipeline deal.  

 

While we wait for more good news, we get .20/yr in dividends.  My cost is .38 so they're paying me 52% to wait for more stock gains!  

 

 


By Bobwins

Posted: Tuesday Oct 2 8:55:48AM 2012

MMT.v  +.10 to C$1.66  today the first qtrly dividend is being paid.  I don't have mine yet but US brokers are a day or two slower than Canadian brokers.  Some shareholders must be buying more Mart.  No news about UM-10 so this is just buyer exuberance.  Last time we had the big one time .10 dividend, the stock sold off hard.  We'll see how shareholders react this time.  


By Bobwins

Posted: Wednesday Sep 12 7:18:28AM 2012

Mart is ex dividend today leading to .07 selloff to C$1.50.   .05 dividend will be paid 10/2.  Annualized fwd yield is 13.3%

 

Results from UM-10 due in October.  Need pipeline agreement signed so they can begin 2nd pipeline to the coast.  

 

 


By Bobwins

Posted: Wednesday Aug 29 8:03:42AM 2012

mmt.v  -.24 to C$1.45  3.6million volume so far this morning.  Ouch!  

Still holding.  UMU-10 will be reporte in October.  Shell pipeline agreement should be signed soon and allow construction to begin.  Estimating 12 months to complete after agreement.  I think it could take longer.  

 

Stepout wells later in 2012 and in 2013 are more important than UMU-10 in increasing reserves.  Even though they are currently maxed out on production thru existing pipeline, Mart will keep drilling in 2012-3 because they want to build up behind pipe volumes so they can flow big numbers as soon as the second pipeline is completed.  

Qtrly dividend of .05 payable 10/2/12 to owners of record on 9/14.  Over 12% yield while you wait for second pipeline.


By Bobwins

Posted: Tuesday Aug 28 5:13:52PM 2012

Mart missed on earnings for Q2, earning only .007eps.  Factors included much lower share of revs due to no drilling in Q2 and hence no cost recovery.  Q1 share was 82%.  Also got less for each barrel as crude oil prices were over 10% lower in Q2.  Line losses to theft were much higher at 18% in Q2 vs 10% in Q1.  Probably going to see a selloff in the morning.  I am holding for the dividends, UM-10 results in October and progress with the pipeline.  


By Bobwins

Posted: Tuesday Aug 7 8:53:48PM 2012

.10 dividend is due to be paid tomorrow on Wednesday 8/8/12.  Probably won't show in my acct until tomorrow.  

going to use the proceeds to add to my BCC.ax and ORT.to holdings.  


By Bobwins

Posted: Wednesday Aug 1 7:09:36AM 2012

Another big day for Mart.  +.11 to C$1.68 on 896K volume this morning.  Not exactly sure what is triggering this runup but not complaining.  


By Bobwins

Posted: Tuesday Jul 31 12:53:57PM 2012

new 52wkhi for Mart   C$1.57 intraday.  Nice pop and we've still got a week to go before the special dividend gets paid.  

 

No news but UM-10 will reach TD pretty soon and then we have to wait for testing results.  

 

 


By Bobwins

Posted: Wednesday Jul 18 2:08:12PM 2012

Today is the Ex div day for Mart.  We'll see how the share price holds up once the dividend is paid.  I think there are a LOT of new buyers that swooped in and bought Mart for the dividend.  I think a number will sell, once they are sure they've got the dividend in their acct.  I expect the volatility to decrease with each subsequent qtr but this first dividend is bigger than the qtrlies so I think more will be tempted to take the money and run.  The thrill of getting a nice dividend will probably be dulled by the drop in share price, which could easily exceed the .10 dividend.  

 

 


By Bobwins

Posted: Friday Jul 13 7:39:53AM 2012

By Bobwins

Posted: Wednesday Jul 11 8:48:38AM 2012

This is the AGM webcast.  Very positive outlook going forward.  CEO answers a lot of questions about the pipeline, marginal fields, possible changes in corporate structure and what they are expecting going forward.  

 

http://webcasts.welcome2theshow.com/martresources2012


By rodball

Posted: Sunday Jun 3 1:39:48PM 2012

On another note, Bobwins, have you seen a company whose stock, particularly an oil co.,that is as grossly undervalued / underappreciated as Mart? I understand the geopolitical risk factors, but this is a bit extreme. Barring a total collapse in oil prices, and assuming absolutely no growth whatsoever, Mart as you know is trading at slightly over 2 X 2012 earnings (based on 0.11 / share for Q1)and only about 1.5 X cash flow (based on 0.16 / share for Q1). I strongly suspect that that value will eventually be realized somehow, but still...truly bizarre... Have a great week, everyone!

By Bobwins

Posted: Tuesday May 29 8:42:56PM 2012

Mart did .11eps and .16cashflow,a huge improvement from the .06eps they did in q4. Mart is still ramping up to full capacity with their existing export pipeline and should reach 15,000 bad gross/50+% to mart in the next several months.

By Bobwins

Posted: Tuesday May 29 8:42:56PM 2012

Mart did .11eps and .16cashflow,a huge improvement from the .06eps they did in q4. Mart is still ramping up to full capacity with their existing export pipeline and should reach 15,000 bad gross/50+% to mart in the next several months.

By Bobwins

Posted: Tuesday May 29 8:42:56PM 2012

Mart did .11eps and .16cashflow,a huge improvement from the .06eps they did in q4. Mart is still ramping up to full capacity with their existing export pipeline and should reach 15,000 bad gross/50+% to mart in the next several months.

By Bobwins

Posted: Tuesday Apr 3 6:57:59AM 2012

mmt.v +.06 to C$1.10 http://finance.yahoo.com/news/mart-resources-inc-umu-9-122621426.html UM-9 test results. 4 sands tested a total of 11,718bpd of light sweet crude.

By joshpacific

Posted: Wednesday Mar 28 1:32:34PM 2012

Genevieve Roch-Decter, portfolio mgr at LDIC just recommended MMT as a top pick on BNN. Michael Hainsworth interviewed her at approx 425-430pm ET.

By Bobwins

Posted: Wednesday Jan 25 8:09:28AM 2012

Mart cracks a buck! Been a long wait but I think we are close. Lots of news supposed to drive the stock. 1. Dividend? 2. UM-9 test results 3. Horizontal drilling this year 4. Marginal field award?

By Bobwins

Posted: Thursday Dec 29 11:38:01AM 2011

top pick on BNN by Peter Imoff, Strategist for Sprott Asset Mgmt! http://watch.bnn.ca/#clip592795

By Bobwins

Posted: Wednesday Dec 28 12:04:11PM 2011

selloff continues in Mart. Fundamentals are still good and set to improve dramatically as new pipeline capacity allows higher production. But the overall market is skittish, at best. Still holding all my shares. I expect Mart to hit multiple dollars per share as the full extent of their earning power is demonstrated in 2012. Sometime in mid 2012, Mart will begin drilling horizontal wells that could really power up the production growth. Also talking of instituting cash dividends in the .10/year range.

By Bobwins

Posted: Thursday Dec 22 12:37:01PM 2011

MMT.v +.07 to C$.92 Set new52wkhi of .94 earlier due to PR about new pipeline agreement that will allow Mart to produce at capacity. Been in a dispute with pipeline company AGIP since May. Limited to 8,000bpd for Mart JV but now it looks like they could go up to 15,000bpd for the JV. Mart has 50% after cost recovery so 7500net bpd for Mart eventually. With UM-9, JV should be close to reaching pipeline capacity. http://finance.yahoo.com/news/Mart-Resources-Inc-Increase-ccn-1220649645.html?x=0

By Bobwins

Posted: Tuesday Dec 20 11:18:31PM 2011

mmt.v +.09 to C$.87 New52wkhi! Looks like Mart has another multi zone winner. Still no test but the important thing is that this well was over 2KM from the nearest well and still shows oil zones that are in the other wells. Should result in a big increase in reserves as the reservoir is much bigger than originally estimated. http://finance.yahoo.com/news/Mart-Resources-Inc-UMU-9-ccn-35615687.html?x=0

By Bobwins

Posted: Tuesday Nov 29 8:39:27AM 2011

MMT.v +.03 to C$.64 Actual earnings for Q3 was .06eps and cashflow was .19/share. At .19/share cashflow, Mart is selling for less than 1X fwd cashflow. http://finance.yahoo.com/news/Mart-Announces-Record-ccn-2516322662.html?x=0

By Bobwins

Posted: Monday Nov 28 9:29:55PM 2011

Mart to release earnings tomorrow morning. Earned .06eps and .125 cashflow for Q3. Cash up to 14 million from 2 million Imagine what will happen when AGIP lets them flow all their wells!!!! Cash is going to go thru the roof! So undervalued. Wish they would get the pipeline agreement signed so they could produce at 12,000bpd or more!

By Bobwins

Posted: Wednesday Nov 16 12:50:43PM 2011

v.mmt +.06 to C$.68 my biggest position finally moving up a bit. Pipeline issue is still there. They are limited to around 7500bpd gross(50% to Mart) now until they agree and sign a new agreement. There is capacity of up to 18,000bpd for Mart. With current behind the pipe wells, they could produce over 12,000bpd gross if they had the agreement so their production will jump almost immediately upon agreement. Rumors they are close. Company also presented in NYC this past week. Huge cashflow if they can get pipeline access.

By Bobwins

Posted: Tuesday May 31 7:02:01AM 2011

http://www.martresources.com/wp-content/uploads/2010/06/28/corporate-presentations/updated_corporate_Wade_Angela-v3-1.pdf new presentation for Mart

By Bobwins

Posted: Friday May 27 1:17:54PM 2011

Mart has been suffering along with most energy stocks. Even though oil is priced where any producer is making boatloads of money, oil stocks have been suffering. Mart was up .05 to C$.66. I think it should be selling for well beyond C$1. Company is producing around 7,000bpd net now. Company should spud UM-8 any day and 3 months from now should be producing another 3-5,000bpd. Mart is trading around 1.5X fwd cashflow. Too cheap and when Q1 and Q2 numbers come out, it should start to get some respect.

By patrick1

Posted: Tuesday May 3 6:46:01PM 2011

The only problem is that the exchange will halt this stock in 3 days or so they start with the A and go down the list. and it could be halted for a few months .

By Bobwins

Posted: Saturday Apr 23 12:58:15PM 2011

Mart is my biggest position. They are currently drilling their second development well, UM-7. Test results are due in May. Should show multiple zones totaling over 10,000bpd with probably production in the 5,000bpd range, just like UM-6. A friend of mine, Digitech, posted these estimates of financials for Mart after the various wells are drilled. http://www.stockhouse.com/bullboards/MessageDetail.aspx?p=0&m=29569874&l=0&r=0&s=MMT&t=LIST http://www.stockhouse.com/bullboards/MessageDetail.aspx?p=0&m=29569887&l=0&r=0&s=MMT&t=LIST These are eye popping numbers but illustrate the appeal of Mart to me. There is high risk because of Nigeria but that is discounted in the share price versus these real possible production numbers. My biggest concern has been pipeline capacity to carry away their new production to export ports. Digitech has been in conversation with mgmt and says they now have the capacity for their 2011 drill program and will be able to produce what they find and get paid for it.

By Bobwins

Posted: Tuesday Mar 15 9:14:08AM 2011

MMT.v/mauxf.pk +.05 to C$.65 UM-7 looks like another winner. UM-6 tested 14,500bpd from all zones, producing somewhere around 6,000bpd. UM-7 should be similar. UM-7 should be fully tested and in production by early Q2. Will take some time because of multiple partners and government approvals needed to move thru the process. But this should be another good well for Mart and lead them towards 10,000bpd net and higher. They are simultaneously working on several ways to increase their takeaway capacity but even at 10,000bpd net, the cashflow is tremendous. http://finance.yahoo.com/news/Mart-Resources-Inc-UMU7-Well-ccn-1589309540.html?x=0&.v=1

By Bobwins

Posted: Wednesday Dec 1 5:35:09PM 2010

Yes, I agree the pipeline problems spooked investors and that was followed by a reduction in rating by Union Securities analyst Warren Veronbac to hold from buy. He kept the same price target of .75 but got more cautious due to the pipeline as well as a slight change in the reimbursement formula. Mart will now collect 82.5% of revs until they recover all their costs, at which time their share will drop to 50%WI. They previously got 97.5% until cost recovery. This is really a minor change because they still get the same amount of money before their share drops, it just lasts a few more weeks at 82.5 instead of 97.5%. Most holders have nice profits in MMT.v so profit taking is rampant. I think word of positive test results and resumption of pipeline flow will fix things but Nigeria is an issue, there is no doubt. Bobwins

By Garrett

Posted: Tuesday Nov 23 10:39:11AM 2010

I bought a position yesterday as well. The company presentation on their site made a lot of sense and gives a good understanding of the geology and what they are trying to accomplish there. Nigeria is a hot spot and risk/reward has to be discussed. Thanks Bob Garrett

By Bobwins

Posted: Thursday Oct 28 10:34:36AM 2010

MMT.v continues red hot! +.03 to C$.485 Good volume as they get closer to the drill results. Of course a disappointment could mean trouble for any stock that has run up this much but they have two more development wells to drill after this one. 2nd one will take until early 2011 to complete and test. 3rd will be later in Q1, possibly sliding into Q2 before we get full results.

By Bobwins

Posted: Thursday Oct 21 8:54:37PM 2010

mmt.v +.02 to C$.41 Mart continues to climb. Company is drilling the first of three development wells near their existing wells. MMT.v is dirt cheap and is likely to get even cheaper. Currently producing around 3500bpd but forecasting a rise to 10,000bpd if all three wells hit. That is the reason for the recent climb of around .10. Should hit total depth by end of October and will take another 30 days to test and bring online. 2nd and 3rd well will follow from same platform. 2nd well will likely be started in late 2010 and 3rd will start in Q1 2011.

By Bobwins

Posted: Wednesday Jun 30 8:31:47PM 2010

http://www.martresources.com/wp-content/uploads/2010/06/28/corporate-presentations/MART_Presentation_0629102.ppt Latest presentation from Mart Resources at their annual meeting in Calgary. No big news but drilling platform for the next three wells is built. Waiting for concrete to cure so first spud is likely around 7/15/10. These three wells are development wells with a good chance of success. There are multiple zones in the field so the three wells will be targeting different zones. That increases the chances of success. In addition, in a separate operation to maintain production levels in the original two wells, they will be reworked to open multiple zones.

By Bobwins

Posted: Saturday May 8 5:10:44PM 2010

MMT.v bought more Thursday at an avg of .275. If development wells come in, this will be a very profitable company. Near term, net production will likely drop before they get any revs from new wells they are drilling. Cash costs must have been recovered by now and net WI will drop to 50% so net to MMT.v will drop to 1850bpd. Still hoping for continued debt paydown and successful first drill.

By oilerman

Posted: Tuesday May 4 7:43:22PM 2010

Bobwins, just looking on the surface of this company and if managment had any kind of cost control...man..this company has potential. But even run poorly..they are sloshing in cashflow....

By Bobwins

Posted: Tuesday Apr 13 3:18:33PM 2010

Mart, mmt.v C$.30 getting discovered. 2 million volume today. New 52wkhi. Still undervalued from a cashflow standpoint, although they have to hit one or more wells this year to avoid revs dropping. They have 50% WI after costs are recovered so first well will be paid off pretty soon and revs will drop from 100 to 50%.

By Bobwins

Posted: Friday Mar 5 11:21:26AM 2010

Bought some mmt.v today. They are a high risk producer in Nigeria. They are producing around 4,000bpd net to them. Were in bad financial shape and put the company up for sale last year. The rebound in oil prices and production has helped the company generate good cashflow and get current on debts. They have had to cut overhead and let one project go to focus on their producing field. Cash was too tight to pay debt, suppliers and still drill so there has been no drilling for several qtrs. Recent improvement in cashflow has changed that picture so there are drilling plans but date is unspecified. http://finance.yahoo.com/news/Mart-Resources-Announces-ccn-262560435.html?x=0&.v=1 This is definitely high risk from several views. There is the risk of producing onshore in Nigeria as well as the financial risk of their balance sheet. I think the cashflow from the production cures a lot of ills. Another couple of qtrs of this kind of cashflow will get them back in more normal operating mode. This is VERY cheap. .045 cashflow/share for Q3. .001 eps .045 X 4 = C$.18 or more than stock price!

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