Company overview

MART RESOURCES was founded in 2002 as an Oil and Gas company focused on upstream interests in the Niger Delta region. Mart’s commitment to building substantial shareholder value by acquiring, financing and developing oil and gas related assets in West Africa had its first success with Umusadege field, following the 2003 Marginal Field bid round conducted by the Federal Government of Nigeria.

In achieving its feat, the company was founded on two (2) strategic imperatives:

• Rig ownership to undertake operations planned on its oil properties and to negotiate participation in the development of other proven but undeveloped oil fields
• Farm-in options to commercially viable assets for the provision of financial and technical services

This strategy opened up new opportunities for Mart in Umusadege field, to act as a Risk Service Partner with Midwestern Oil and Gas Company and Sun Trust Oil Company.

Under the terms of the Risk Service Agreements (RSA) between Mart and Midwestern and between Mart and Suntrust, Mart provided funding and technical services to the exploration and development of the Umusadege oil field in exchange for 50% economic interest in Umusadege field. Following numerous field activities, first oil was achieved in the Umusadege Field in 2008 at flow rates of around 3,000bopd. This was rapidly increased to over 25,000bopd through additional development drilling efforts. 

In 2016, Midwestern as part of its growth strategy took a strategic decision to fully acquire Mart Resources, which led to its delisting from the Toronto stock exchange.

Following the acquisition, Mart has positioned itself to be the foremost Technical Partner of choice in developing oil fields in a sustainable manner within the Niger Delta.

People, Technology and Funding are at the centre of our strategy.