Mart Resources, Inc.

Mart Resources, Inc.

July 31, 2008 08:22 ET

Mart Resources Announces Commencement of Drilling Operations on the UMU-5 Development Well

CALGARY, ALBERTA--(Marketwire - July 31, 2008) - Mart Resources, Inc. (TSX VENTURE:MMT) and its partners Midwestern Oil and Gas Company PLC (Operator) and Suntrust Oil Company Nigeria Limited are pleased to announce the commencement of drilling of the UMU-5 development well located in the Umusadege field, onshore Nigeria.

The UMU-5 well is being drilled as a twin well approximately 500 feet from the UMU-1 well. Mart and its partners successfully re-entered and tested the deepest two oil zones in the UMU-1 well, the XIIa and XIIb, at depths of 7861 feet (2396 meters) and 7936 feet (2420 meters) respectively in 2007 and placed the well on production in April 2008.

The UMU-5 well will allow for testing and if successful, production from additional oil reservoirs of the 11 hydrocarbon zones identified by the UMU-1 well logs, which lie above the XIIa and XIIb zones. The UMU-5 well is being drilled by Mart's NRG 101 rig to an estimated total depth of 7,775 feet (2,370 meters).

If drilling and testing results are positive, the UMU-5 well will be completed and immediately tied into the Umusadege production facilities, which have the capacity to accommodate production from the currently producing UMU-1 and UMU-3 wells and production from the UMU-5 well. The Company and its partners are evaluating plans to drill additional development wells adjacent to the UMU-1 and UMU-5 wells to produce from the additional oil zones in the upper section of the Umusadege field in the second half of 2008.

Certain statements in this News Release constitute forward-looking statements under applicable securities legislation. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this new release include but are not limited to reference to current production and anticipated future production from the company's Umusadege field. By its very nature, such forward-looking information requires Mart Resources, Inc. to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. In particular, there is no assurance that current production levels referenced herein will be sustained.

Furthermore, the forward-looking information contained in this news release is made as of the date of this news release and, except as required by applicable law, Mart Resources, Inc. does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.


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