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Oil, gas firm shoots down reports of transaction

10 October 2015, 08:14Okoro Chinedu

Lagos – Mart Resources, the Canadian oil and gas company, has refuted media reports, it had entered into a definitive agreement or transaction regarding a sale of the company to Midwestern Oil & Gas Company Limited.

It said it had not entered such a transaction, as reported in the Nigerian media, with any other party.

“The press report has been removed from the Nigerian news agency's website as it is completely without merit and should be totally disregarded,” the company stated.

Also Read: Embattled former oil minister asks Nigerians for prayers

The oil firm said as previously announced, Mart continues to examine and consider strategic alternatives available to the company to maximize shareholder value and confirms that Mart was not currently in discussions with Midwestern regarding a potential sale.

“Any future strategic alternatives transaction will be subject to applicable regulatory, stock exchange and Mart shareholder approval.”

Mart Resources is an international oil and gas company focused on production and development opportunities in the highly prolific Niger Delta region of Nigeria. Mart was one of the first foreign oil companies to establish ventures with local Nigerian operators under the indigenous and marginal field programme.

- CAJ News

Tags business oil

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