Updating MART RESOURCES, BREAKWATER RESOURCES and ALIMENTATION COUCHE-TARD

Article Excerpt

MART RESOURCES $0.70 (Toronto symbol MMT; SI Rating: Speculative) (403-270-1841; www.martresources.com; Shares outstanding: 335.5 million; Market cap: $115.8 million; No dividends paid) is focused on developing, producing and drilling for oil at its onshore properties in Africa. Mart is currently producing oil from its 50%-held Umusadege field in Nigeria. Mart recently released preliminary results from its latest well at the field, the UMU-6 well. One section of the well flowed oil at 3,433 barrels per day. Average daily production for the entire Umusadege field was 3,886 barrels per day in latest quarter. Operating in Nigeria exposes the company to considerable political risk. However, further drilling success would continue to steadily increase Mart’s oil production. The shares are up 100% since we first recommend them at $0.35 in the May 2010 issue of Stock Pickers Digest. However, Mart is still a buy for highly aggressive investors. BREAKWATER RESOURCES $6.32 (Toronto symbol BWR; SI Rating: Speculative) (416-363-4798; www.breakwater.ca; Shares outstanding: 70.4 million; Market cap: $445.2…