Mart Resources Inc.(CVE:MMT) (PINK:MAUXF) stock price tanked after the company published a comparatively disapointing drilling update.
MMT stock price collapsed 19.4% during Tuesday’s trading session, heavily correcting the preceding seemingly strong uptrend. The trading volume reached nearly 8 million as traders tried to get rid of the stock as quickly as possible. That was eight times heavier activity than the average turnover of just 1 million per day.
The stock price tumbled down after Mart announced an update on drilling operations for the work done on the Umusadege field in Nigeria.
Mart owns the property together with a venture partner Midwestern Oil and Gas Company Plc
the companies reported to have fully drilled an UMU-9 well to a depth of 10.8 thousand feet and preliminary results showed five sands with light oil in them and one containing gas.
But the thing that really got traders upset was that the company has experienced significant losses on their pipeline. The company was informed by the owners of export pipeline that they share of crude oil lost or taken from the pipeline during 2011 totaled around 213 thousand barrels of oil. The company’s crude oil deliveries to the pipeline averaged 6.96 bop/d during January 2012.
