Mart Resources, Inc.

Mart Resources, Inc.

November 12, 2009 08:30 ET

Mart Provides Corporate and Operations Update

CALGARY, ALBERTA--(Marketwire - Nov. 12, 2009) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Corporation") is pleased to provide the following update regarding its corporate activities and operations.

Further to the Corporation's News Release of November 2, 2009, Mart's Board of Directors (the "Board") has completed its initial strategic review of Mart's ongoing operations, cash position and production revenue. As a result of this review, the Corporation will focus its efforts in the near term on maximizing production, increasing cash flow and enhancing oil and gas reserves on its current Nigerian properties, and in particular on the producing Umusadege Field. The Corporation is no longer actively soliciting offers or expressions of interest in regards to a corporate transaction. Mart has also determined that it will take steps to divest non-core assets including the Corporation's drilling rig business.

Mart and its partners, Midwestern Oil & Gas Company PLC (Operator) and Suntrust Oil Company Nigeria Limited, are pleased to announce that for the three month period from July 1, 2009 through September 30, 2009, the Umusadege field was on production for a total of 87 days with average daily production of 4,092 barrels of oil per day ("bopd") from the UMU-1 and UMU-5 wells. Of the total production for this period, the UMU-1 well (commingled XIIa and XIIb zones) contributed an average of 1,879 bopd and UMU-5 well contributed an average of 2,213 bopd. Umusadege field production has remained stable with average daily production between November 1 and November 10, 2009 of 3,785 bopd.

Mart and its partners are currently reviewing options to increase production and reserves from the Umusadege field in 2010, including re-completion of the two existing producing wells and drilling new production wells. The timing of these operational activities will be confirmed once adequate capital resources have been allocated and approved by the partners.

With regards to the default notices referenced in Mart's News Release of August 17, 2009, Mart announces that it has cured the default in respect of Qua Ibo field. Mart also confirms that it is finalizing an orderly repayment schedule for its trade payables. Mart also announces that it has not cured the previously announced default in respect of Ke field, and as a result Mart's rights in Ke field have been formally terminated.

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.

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

All references to production levels contained in this press release are to total field production rates. A detailed description of Mart's ownership interest in the Umusadege Field in contained in the Company's Management's Discussion and

Analysis filed on SEDAR at

Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. 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. In particular, statements concerning the UMU-5 well and Umu-1 wells and the ongoing development of the Umusadege and Qua Ibo fields and events or projections referenced or implied herein should be viewed as forward-looking statements.

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". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, costs and timing of exploration and production development, availability of capital to fund exploration and production development; political, social and other risks inherent in carrying on business in a foreign jurisdiction, the effects of a recessionary economy and such other business risks as discussed herein and other publicly filed disclosure documents. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such 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.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation 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.

This news release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intended" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Corporation. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. The forward-looking statements contained herein are expressly qualified by this cautionary statement.


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