good update....sure looks like q div is sustainable.

 

cheers,

dave.

 

Mart Announces Financial and Operating Results for the Three and Nine Months Ended September 30, 2012 and Declaration of Dividend

26 Nov 2012 08:30 ET

Marketwire Canada

Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2012 ("Q312") (all amounts in Canadian dollars unless noted):

THREE MONTHS ENDED SEPTEMBER 30, 2012

--  On August 29, 2012, Mart declared a dividend of $0.05 per common share    that was paid to shareholders on October 2, 2012 for an aggregate amount    of $17.8 million.--  Mart's working capital position at September 30, 2012 was $36.9 million    (after taking into account the dividend paid on October 2, 2012).--  Net income for the three months ended September 30, 2012 ("Q312") was    $21.5 million ($0.061 per share) compared to net income of $18.7 million    ($0.056 per share) for the three months ended September 30, 2011    ("Q311"). The increase in net income was due to an increase in the    number of barrels produced and sold during Q312 compared Q311.--  Funds flow from production operations of $44.8 million ($0.127 per    share) for Q312 compared to $42.1 million ($0.125 per share) for Q311    (see Note 1 to the Financial and Operating Results table below regarding    Non-IFRS measures).--  Mart's share of Umusadege field oil produced and sold in Q312 was    615,686 barrels of oil ("bbls") compared to 446,981 bbls for Q311. The    increase in volumes is primarily attributable to Mart's overall increase    in production year over year.--  The average sales price in Q312 was approximately USD $108.40 per bbl    (CDN $106.58 per bbl) compared to USD $112.54 per bbl (CDN $114.79 per    bbl) for Q311.--  Mart's average share of daily oil produced and sold for Q312 from the    Umusadege field was 6,692 barrels of oil per day ("bopd") compared to    4,858 bopd for Q311, again higher primarily because Mart's year over    year production increases.--  During Q312, the Umusadege field was shut-in for 5 days (Q311 - 11 days)    due to disruptions in the export pipeline, well testing activities and    maintenance and modification of production facilities.--  Pipeline and export facility losses for September 2012 as reported by    Nigerian Agip Oil Company ("AGIP"), the operator of the export pipeline,    were 40,018 bbls or approximately 11.6% of total crude deliveries.    Losses for Q312 totaled 148,020 bbls, or approximately 13.1% of total    crude deliveries. 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% of total crude deliveries during this nine    month period.NINE MONTHS ENDED SEPTEMBER 30, 2012--  On June 28, 2012, Mart declared a dividend of $0.10 per common share    that was paid to shareholders on August 8, 2012 for an aggregate amount    of $35.6 million.--  Net income for the nine months ended September 30, 2012 was $62.0    million ($0.181 per share) compared to net income of $47.3 million    ($0.141 per share) for the nine months ended September 30, 2011.--  Funds flow from production operations of $121.7 million ($0.356 per    share) for the nine months ended September 30, 2012 compared to $107.2    million ($0.319 per share) for the same period in 2011 (see Note 1 to    the Financial and Operating Results table page 3 regarding Non-IFRS    measures).--  Mart's share of Umusadege field oil produced and sold for the nine    months ended September 30, 2012 was 1,655,526 bbls compared to 1,344,611    bbls for the nine months ended September 30, 2011.--  The average sales price received by Mart for oil for the nine months    ended September 30, 2012 was approximately USD $104.49 per bbl (CDN    $102.73) compared to USD $100.05 per bbl (CDN $102.05 per bbl) for the    comparable period in 2011.--  Mart's average share of daily oil produced and sold from the Umusadege    field was 6,042 bopd for the nine months ended September 30, 2012    compared to 4,925 bopd for the nine months ended September 30, 2011.--  During the first nine months of 2012, the Umusadege field was shut-in    for a total of 32 days compared to 33 days for the comparable period in    2011 due to disruptions in the export pipeline, well testing activities    and maintenance and modification of production facilities.