Mart Resources, Inc.
TSX VENTURE : MMT

Mart Resources, Inc.

March 05, 2009 08:30 ET

Mart Appoints Financial Advisor to Assist With Strategic Alternative Process

CALGARY, ALBERTA--(Marketwire - March 5, 2009) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") is pleased to announce that further to its press release of February 11, 2009, it has retained Research Capital Corporation to act as exclusive financial advisor to review, evaluate and assist the Company in respect of possible strategic alternatives to maximize shareholder value in the near term. These strategic alternatives may include the sale of the Company or its assets (including its oil and natural gas property interests, drilling rigs and equipment), an amalgamation or reorganization with a company having a strong capital position, or such other transaction with the intent of maximizing shareholder value.

Mart's working capital deficiency has increased significantly since it reported its third quarter financial results. Mart, together with its financial advisor, is therefore currently endeavoring to raise additional funds to bridge the Company through to completion of a strategic alternative transaction.

Research Capital is a full service investment dealer with an energy and mining focus and has been actively working with a wide range of emerging international oil and gas companies, including a number that are similar in profile and size to Mart. Parties interested in pursuing a strategic transaction with Mart are requested to contact P. Gage Jull, Managing Director, Energy Investment Banking at Research Capital Corporation - Telephone: (416) 860-7614; Cell: (416) 562-7525 or by email: Gage.Jull@Researchcapital.com.

About Mart Resources:

Mart Resources Inc. is an independent, international petroleum company focused on drilling, developing and producing oil and natural 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. Mart's first oil production commenced in April 2008 from the Umusadege field. The Company currently has production of approximately 1950 BOPD from its Umusadege Field and testing of the Company's most recently completed UMU-5 well also located on the Umusadege Field is expected to occur in the upcoming week.

Certain statements in this Press 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 press release include but are not limited to references, whether express or implied, of the ability of the Company to raise additional bridge funds or to complete a strategic alternative transaction. 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.

Contact Information