Saudi-owned Delta to acquire Mart Resources

Canadian-listed Mart Resources has entered into an arrangement agreement under which it will be acquired by Saudi-owned Delta Oil Nigeria for C$124.92m ($94.6m). At closing, Mart is expected to have approximately $200.5m of outstanding bank debt. Mart’s main asset is the producing Umusadege field in Delta State, where it has a participation agreement with operator Midwestern Oil & Gas and its partner Suntrust Oil and provides technical and financial services.