Mart Resources, Inc.
TSX VENTURE : MMT

Mart Resources, Inc.

September 20, 2011 09:05 ET

Mart Announces UMU-8 Well Initial Test Results

CALGARY, ALBERTA--(Marketwire - Sept. 20, 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 the initial test results from the zones tested on the UMU-8 well and provide an update on production in the Umusadege field, onshore Nigeria.

The first extended test on the UMU-8 well was conducted on the XV sand, an 11 foot oil zone, which flowed at a stabilized rate of 4,205 barrels oil per day ("bopd") of 44 API gravity oil through 3 1/2 inch tubing on a 28/64 inch choke at a flowing tubing pressure of 140 psi. Basic sediment and water (BS&W) was 0% with gas/oil ratio of approximately 175.9 standard cubic feet per barrel.

The second extended test on the UMU-8 well was conducted on the X11(a) sand, a 39 foot oil zone, which flowed at a stabilized rate of 1,140 bopd of 36 API gravity oil through 3 1/2 inch tubing on a 24/64 inch choke at a flowing tubing pressure of 90 psi. Basic sediment and water (BS&W) was 0% with gas/oil ratio of approximately 25 standard cubic feet per barrel.

Further updates will be provided once testing has been completed.

Crude oil deliveries into the export pipeline from the Umusadege field between 1st and the 16th of September averaged 7,491 bopd. Aggregate Umusadege field downtime over this period was approximately 0.7 days due primarily to field maintenance issues.

Negotiations with the operator of the export pipeline to increase capacity are ongoing.

Additional information regarding Mart Resources, Inc. is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.

Note: 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 and Risks

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 operations on the UMU-8 well and the ability of the Company to successfully complete and commercially produce, transport and sell oil from the UMU-8 well (or any one or more of the hydrocarbon sands identified by the UMU-8 well), should all be viewed as forward-looking statements. The well log interpretation indicating hydrocarbon bearing sands are not necessarily indicative of future production.

In addition, statements (express or implied) concerning the allocation of export and pipeline capacity to the Umusadege field from the third party pipeline owners, should be viewed as forward looking statements. There is no assurance that additional pipeline export volumes will be made available to the Umusadege field.

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.

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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