Mart Resources, Inc.

Mart Resources, Inc.

May 31, 2006 09:15 ET

Mart Resources, Inc.: Update on Drilling Plans in Nigeria

CALGARY, ALBERTA--(CCNMatthews - May 31, 2006) - Mart Resources, Inc. (TSX VENTURE:MMT), an international energy company focussed on oil & gas projects in Africa, continues its intensive operational planning and preparation to exploit its proven but undeveloped oil fields in Nigeria.

At Umusadege Field, drill site planning and preparation are underway for the first development well, "DA1". This new well will be drilled using NRG Drilling Limited's Rig 101 with spud date set for July. Mart owns a majority interest in NRG Drilling Limited. Two follow-up wells will be drilled at Umusadege using Rig 101 after DA1 has been completed and production tested.

At Qua Ibo Field, construction of the drill site, access road and the rig campsite has commenced. The first new development well planned on this field will be a directional well drilled using NRG's Rig #201 and is scheduled to commence in mid-September. The directional drilling program will permit the testing of both the shallow C4 sand and the deeper D5 sand. Two additional horizontal wells are programmed into the C4 sand from the same location. Development of the complete D5 pool will require further drilling during 2007 from a separate well location.

Planning is also underway to drill Mart's two other Nigerian properties that are located in swamp areas - the recently signed Ke Field, containing the high potential Ke South location, and the Eremor Field. The company intends to use NRG's recently acquired swamp barge in conjunction with its new Rig #202 to drill these wells.

NRG Drilling Limited, a Mart subsidiary company, is in the final stages of its rig acquisition program. This program was designed to provide Mart with the rig access necessary to develop its Nigerian properties in a timely manner. Rig #101, a Cooper 550 truck-mounted rig, is in Port Harcourt awaiting the delivery of its new hydraulic rotary table being flown in from Houston. Rig #101 will be ready for Nigerian DPR (Department of Petroleum Resources) Permit inspection by mid June. The rig will then be moved to Umusadege to begin work immediately. Rig #201 is scheduled for completion and release by mid July. Pending DPR Permit approval, the rig will be moved to Qua Ibo for a mid September spud date. Rig #202 is scheduled for completion by mid August. It will be shipped to Port Harcourt where it will be mounted on the recently acquired swamp barge. DPR Permit approval for this rig is targeted for early November.

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. In particular, there is no assurance that any future closings of the private placement will occur within the time frames indicated or at all.

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

Contact Information