Mart Resources, Inc.

Mart Resources, Inc.

October 29, 2007 08:47 ET

Mart Resources Announces Umusadege Operations Update, Appointment of Chief Operating Officer and Issuance of Stock Options

CALGARY, ALBERTA--(Marketwire - Oct. 29, 2007) - 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 following update on their operational activities at the Umusadege field, onshore Nigeria.

At the UMU-1 well, downhole completion tools and equipment have been purchased and will be mobilizing to the field shortly. Production facility design has been completed and the equipment required for early production has been contracted. After production commences from the UMU-1 well, Mart and its partners anticipate drilling a twin well to the UMU-1 well, to test some of the additional 11 hydrocarbon zones identified. As announced in July 2007, Mart and its partners tested the UMU-1 well at a combined flow rate of 6,021 barrels oil per day from 2 of 13 hydrocarbon-bearing zones identified in the well.

Mart also reports that equipment is being mobilized to the suspended UMU-N2 wellsite to prepare for an extended production test. The UMU-N2 well was drilled by Elf in 1980, and flowed at a rate of 1,673 barrels oil per day from the zone that is currently being prepared for testing. The Company will provide further updates once production testing has been completed.

Umusadege development plans include the construction of a central production facility, installation of quality and volume measurement equipment, and a manifold, system. The Umusadege oilfield will then be tied into a recently constructed oil pipeline that runs through the field to a custody transfer point at an Agip pumping station 15 km away. Initial oil production is anticipated to commence by year end.

In addition, Mart is very pleased to announce the appointment of Mr. John (Jay) Scott as Chief Operating Officer. Mr. Scott brings to Mart over thirty years of diverse experience in the oil and gas industry. He started his career working in operations for Gulf Canada, Aquitaine Canada, and BP Canada, ultimately advancing to project manager in Siberia. For the past fifteen years he has been active in international operations including drilling, workovers, completions, production operations, facility construction and corporate management. His career includes postings in Central America, South America, Russia, North Africa, and Central Asia. Mr. Scott was previously the Chief Operating Officer of Bitech Petroleum (TSX) before they were purchased by Lukoil. He was then Chief Operating Officer of Arawak Energy (TSX), and more recently Chief Operating Officer of PetroLatina (AIM).

Mart also announces the grant of 7,055,000 incentive stock options (the "Options") to the Company's directors, officers, new employees and consultants at an exercise price of $0.50 per common share. These stock options are the first issued by Mart since early 2005, and will have an expiry date of October 29, 2012.

The Options were granted in accordance with the Company's stock option plan that was approved by shareholders on August 16, 2007. The stock option plan permits the Company to issue options to acquire up to 10% of the Company's common shares. The Company currently has 297,191,949 common shares issued and outstanding. Following the current grant of options, Mart will have an aggregate of 13,285,000 stock options issued and outstanding.

Certain statements in this News Release constitute forward-looking statements. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.

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