Mart Resources, Inc.
TSX VENTURE : MMT

Mart Resources, Inc.

May 15, 2008 09:00 ET

Mart Resources Announces Resolution of Qua Ibo Field Dispute

CALGARY, ALBERTA--(Marketwire - May 15, 2008) - Mart Resources, Inc. (TSX VENTURE:MMT) and its partner Network Exploration & Production Company Nigeria Limited ("Network") are pleased to announce that they have amicably resolved their dispute over Mart's contractual rights in the Qua Ibo field, onshore Nigeria, and that the arbitration proceedings have been discontinued. Mart and Network are now proceeding with plans to drill their first well using Mart's drilling rig NRG-201. Mobilization of the rig from Port Harcourt to the Qua Ibo well site will commence in the next few days and the partners anticipate that the rig will be rigged-up on site and ready to commence drilling operations by the end of June.

The Qua Ibo field is a multi-reservoir oil field located in the eastern part of Nigeria's Niger Delta region. The field was discovered by Shell in 1960 but it was never put into production. The field was awarded to Network under the Nigerian Government's Marginal Field Allocation programme in April 2004. Under the terms of the agreement between Mart and Network, Mart will provide all of the capital required for the development of the two main oil reservoirs in the field in return for a share of the hydrocarbons produced from those two reservoirs. Any capital required for the development of other reservoirs in the field will be provided jointly by Mart and Network, who will then share the hydrocarbons produced from such other reservoirs.

Certain statements in this News Release constitute forward-looking statements. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.

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