Mart Resources, Inc.

Mart Resources, Inc.

August 15, 2011 08:30 ET

Mart Provides UMU-8 Well and July 2011 Production Update

CALGARY, ALBERTA--(Marketwire - Aug. 15, 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 Ltd are pleased to provide an update on status of the UMU-8 well in the Umusadege field and a production update for the month of July.

UMU-8 Well Update

Perforating and installation of completion equipment consisting of a dual tubing string (3 ½ inch and 2 7/8 inch) configuration has been completed. The 3 ½ inch tubing was completed with the XV, XIIa and XIIb sands and the 2 7/8 inch tubing with the XI and IX sands. Initial well flow to clean out completion fluid on all five sands has been completed. Multi-rate testing has commenced and will be done on all five sands completed.

July Production Update

Crude oil deliveries into the export pipeline from the Umusadege field for the month of July 2011 averaged 6,490 bopd. Aggregate Umusadege field downtime for the month of July 2011 was approximately 7.2 days due primarily as a result of injection restrictions due to pipeline space constraints and vandalism to the third party export pipeline.

The previously announced negotiations with the operator of the export pipeline to increase export capacity for the Umusadege field have not yet been finalized. Mart and its co-venturers are also continuing to evaluate new pipeline and export options to provide a transportation alternative for future Umusadege field production.

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


Investors are also welcome to contact one of the following investor relation's specialists for all corporate updates and investor inquiries:

FronTier Consulting Ltd.
Mart toll free # 1-888-875-7485
Attn: Sam Grier
Caleb Gilani

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 petroleum production varies from time to time depending upon whether Mart is in a cost recovery period or a post-cost recovery period. Mart moves in and out of cost recovery periods depending upon the level of activity underway at any given time. During a cost recovery period, Mart is restricted to a maximum of 82.5% of production revenues and, once Mart has recovered all of its capital costs, all production revenues remaining after deduction of royalties, income taxes, community development contributions, operating costs and abandonment obligations are shared 50% to Mart and 50% to its co-venturers.

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, test 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 interpretations 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.


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