Mart Resources, Inc.
TSX VENTURE : MMT

Mart Resources, Inc.

September 21, 2009 08:30 ET

Mart Resources, Inc. Updates Arrangement Transaction Status

CALGARY, ALBERTA--(Marketwire - Sept. 21, 2009) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart") announces that it has agreed with Westfield Exploration and Production Limited and its wholly owned Canadian subsidiary, Westfield Oil Holding Limited (collectively, the "Purchaser"), to extend the deadline set out in the Arrangement Agreement for the payment of the cash consideration for Mart's common shares to Computershare Investor Services Inc., (the "Depositary") from September 18, 2009 to Wednesday, September 23, 2009. The maturity date of the US$3.5 million convertible note previously issued by Mart to Westoil Limited has also been extended from September 30 to October 31, 2009.

The Purchaser has reconfirmed its continuing commitment to close the Arrangement transaction as set out in the Arrangement Agreement but has noted that in order to complete wire transfer arrangements, additional time is required to deposit the purchase price for the Mart shares with the Depositary. The cash consideration for the outstanding purchase warrants and outstanding broker warrants has been provided to the Depositary.

Mart confirms that the meeting of Mart securityholders continues to be scheduled for September 25, 2009. Assuming requisite securityholder approval, an application for a final order from the Court of Queens Bench of Alberta approving the Arrangement will also be made on September 25, 2009. The Arrangement is scheduled to close on September 28, 2009. Full details of the Arrangement are set out in the Information Circular provided to all Mart securityholders, a copy of which is also available at www.sedar.com.

About Mart Resources:

Mart Resources Inc. is an independent, international petroleum company focused on drilling, developing and producing oil and gas from low-risk proven petroleum properties in Africa. The Company owns two drilling rigs, has strong local relationships and has formed joint venture partnerships with indigenous operators in Nigeria. Mart has acquired interests in and begun development of three onshore Nigerian oil fields.

Additional information regarding Mart Resources, Inc. is available on the company's website at www.martresources.com.

Certain statements in this News Release may constitute forward-looking statements under applicable securities legislation including statements regarding the timing of the payment of the consideration of the Mart shares, the closing of the Arrangement and securityholder meeting. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mart to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels and timing of activity and achievements to differ materially from those expressed or implied by such information.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.

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