Mart Resources, Inc.

Mart Resources, Inc.

April 25, 2011 09:11 ET

Mart Announces UMU-7 Well Initial Test Results

CALGARY, ALBERTA--(Marketwire - April 25, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") and its co-venturers, Midwestern Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company Limited, are pleased to report encouraging initial test results from the first zone tested on the UMU-7 well located in the Umusadege field, onshore Nigeria.

The first test on the UMU-7 well was conducted on the XII(c) sand, a 17 foot oil zone, which flowed at a stabilized rate of 2,459 barrels oil per day ("bopd") of 36 API gravity oil through 2 7/8 inch tubing on a 40/64 inch choke at a flowing tubing pressure of 180 psi. Basic sediment and water (BS&W) was 15% with gas/oil ratio of approximately 21 standard cubic feet per barrel.

Testing of the XIV sand is currently underway, with tests on the X and XVI(a) to follow. Further updates will be provided on these sands once initial testing has been completed.

The UMU-7 well has been completed using a dual-tubing string configuration with the XVI (a) and XIV sands completed in the 3 1⁄2 inch tubing string and the XII(c) and X sands completed in the 2 7⁄8 inch tubing string. As a result of the completion technology used, the four zones that have been completed can be opened and closed at any time.


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 Nigeria, West Africa. The Company is currently producing and developing the Umusadege field along with Midwestern Oil and Gas Co. Plc (the Operator of the field) and SunTrust Oil Ltd. Mart also owns two land drilling rigs, has strong local relationships and experience and is evaluating additional proven undeveloped opportunities in Nigeria.

Except where expressly stated otherwise, all production figures set out in this press release, including bopd, reflect gross Umusadege field production rather than production attributable to Mart. Mart's share of total gross production before taxes and royalties from the Umusadege field fluctuates between 82.5% (before capital cost recovery) and 50% (after capital cost recovery).

Forward Looking Statements

Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown 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, statements (express or implied) concerning the timing or success of completion and testing operations on the UMU-7 well, the ability of the Company to successfully complete and commercially produce, transport and sell oil from the UMU-7 well (or any one or more of the hydrocarbon sands identified by the UMU-7 well), the ability of the Company to successfully drill other wells on the Umusadege field and the ability of the Company to fund future drilling operations should all be viewed as forward-looking statements. Flow rates established during initial tests are preliminary only, are not necessarily indicative of future production rates and may change materially as the UMU-7 well stabilizes. The flow rates in zones tested is not necessarily indicative that other zones will be productive, including zones where preliminary results indicate that the sands were hydrocarbon bearing. In addition to the foregoing, certain factors can affect the ability of the Company to deliver oil that may be produced and can cause production shutdowns. These can include planned maintenance programs or unpredictable and unplanned external factors such as accidental or deliberate damage to pipelines and other facilities upon which the Company is reliant. When such disruptions occur, it may not possible to predict how long such disruptions may last or how long a shutdown may occur.

There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.


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