Mart Resources, Inc.
TSX VENTURE : MMT

Mart Resources, Inc.

September 10, 2008 06:28 ET

Drilling Activites Commence at the Qua Ibo Field

CALGARY, ALBERTA--(Marketwire - Sept. 10, 2008) - Mart Resources, Inc. ("Mart") (TSX VENTURE:MMT) and its partner Network Exploration and Production Nigeria Limited ("Network", Operator of the Qua Ibo Field) are pleased to announce the spudding of the Qua Ibo-3 well, located in the Qua Ibo Field, onshore Nigeria.

The Qua Ibo-3 well is being drilled as a deviated well to an anticipated total depth of approximately 9,900 feet (approximately 7,400 feet vertical depth). The well has been designed to appraise the D5 oil reservoir at a sub-surface location between the existing Qua Ibo-1 and Qua Ibo-2 wells, both of which encountered oil in this reservoir. Drilling is anticipated to be completed around the end of October, and testing will commence upon successful drilling.

"We are extremely pleased to announce this significant milestone at the Qua Ibo field. This high potential field is located just 1.5 km from ExxonMobil's Qua Iboe oil export terminal, which will facilitate near-term production if the well is successful," noted David Parker, President of Mart.

The Qua Ibo field was discovered in 1960 by Shell-BP, who acquired 2D seismic over the field and drilled two wells but did not put the field into production. The field was awarded to Network in February 2003 under the Nigerian government's Marginal Field Allocation Program. Network is an indigenous Nigerian company run by oil industry professionals with over 30 years of diversified experience in the oil industry.

The Qua Ibo-3 well is being drilled by NRG Rig-201, a 1,500 HP land drilling rig owned and operated by NRG Drilling, a wholly-owned subsidiary of Mart.

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. Based on these factors Mart has successfully acquired interests in and begun development of a portfolio of three on-shore Nigerian oil fields. Mart's first oil production commenced in April 2008 from the Umusadege field.

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 references to successful drilling and testing of the Qua Ibo-3 well and to future production therefrom. 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 the Qua Ibo-3 well will be successful or that if successful, that the well will be commercially producible.

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.

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

Contact Information