Mart Resources, Inc.

Mart Resources, Inc.

May 02, 2011 17:48 ET

Mart Delays Filing of Year-End Financial Statements

CALGARY, ALBERTA--(Marketwire - May 2, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") announces that it has determined that it will not be able to file its annual financial statements, management's discussion and analysis and CEO and CFO certificates (collectively, the "2010 Annual Financial Statements") by the filing deadline of May 2, 2011 as prescribed by National Instrument 51-102 – Continuous Disclosure Obligations.

The Company's delay in filing its annual financial statements is due to it being unable to secure certain documents and confirmations from third parties located in Nigeria necessary to complete the audit. The Company is currently working to secure the required materials at the earliest possible date and anticipates filing its 2010 Annual Financial Statements no later than May 31, 2011.

The Company has made an application to the applicable regulatory authorities for a management cease trade order ("MCTO"). The application and this press release has been authorized by the Chief Executive Officer of the Company, and approved by Mart's audit committee. There is no certainty that such order will be granted. If a MCTO is granted, the general investing public will still be able to trade Mart shares, however, the Company's Chief Executive Officer, Chief Financial Officer and such other directors, officers and persons as determined by the applicable regulatory authorities, will not be able to trade Mart shares. If a MCTO is not granted, the applicable regulatory authorities may issue a cease trade order against Mart for failure to file the Financial Statements within the prescribed time period.

Until Mart completes the filing of the Financial Statements, Mart will comply with the alternative information guidelines set out in National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require Mart to issue bi-weekly default status reports by way of a news release so long as the Financial Statements have not been filed.

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 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 Company Ltd. Mart also owns two land drilling rigs, has strong local relationships and experience and is evaluating additional proven undeveloped opportunities in Nigeria.

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

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.

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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