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March 31, 2015

Mart Resources sees higher operating cash flow in 2014

Nigeria-focused oil group Mart Resources (CVE:MMT) reported higher operating cashflows in 2014 due to fewer shutdowns, it told investors.


Cash flows from operating activities for the year ended Dec 31 last year were an inflow of US$94.6 million, representing an increase of US$21.5 million compared to 2013.


This was mainly due to fewer days of export pipeline and export facility shutdowns, but was offset by the lower oil price, higher production and other costs.


The Umusadege field in Nigeria was shut down for 95.5 days compared to 123 days in 2013.


Net income for 2014 was US$28.1 million versus US $35.5 million in 2013.


Mart's estimated share of oil produced and sold from the Umusadege field for the year was around 2.36mln barrels compared to 1.46mln barrels in 2013.


The average price received for oil sales during the year by the firm was US$96.70 per compared to $110.62 per barrel in 2013.


Earlier this month, Mart agreed a definitive deal for its takeover by its partner Midwestern Oil and Gas Company, inchich Mart shareholders will receive 80 cents per share from Midwestern.


Midwestern will also take on Mart’s debt, currently estimated at US$200mln.


A committee of Mart’s independent directors has unanimously recommended the proposed takeover and there will be a vote on the proposed transaction at a meeting in June.



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