Mart Resources, Inc.

Mart Resources, Inc.

March 24, 2005 11:24 ET

Mart Resources Contracts Rig for Eremor #1 Well


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: MART RESOURCES, INC.

TSX VENTURE SYMBOL: MMT

MARCH 24, 2005 - 11:24 ET

Mart Resources Contracts Rig for Eremor #1 Well

CALGARY, ALBERTA--(CCNMatthews - March 24, 2005) - Mart Resources, Inc.
(TSX VENTURE:MMT) and its Nigerian partner, Excel Exploration &
Production Company, are pleased to announce that they have entered into
an agreement for a rig service contract with Tecon Oil Services Ltd., an
indigenous Nigerian company. The contract is for the services of a
work-over rig to be used for the re-entry and extended testing of the
Eremor #1 well located in Nigeria's Niger Delta region.

The rig and all associated equipment are being packaged for transport,
and will be mobilized shortly. Work on the Eremor #1 well is scheduled
to begin in early April 2005. After the re-entry and testing of the
Eremor #1 well, development drilling and production facility design and
installation will commence as soon as the flow results are evaluated.

As previously disclosed, the Eremor oil field was discovered in 1978 by
the Eremor #1 well, which encountered a thick sandstone reservoir at a
depth of 5744 feet. Mart and Excel intend to re-enter and production
test the cased Eremor #1 well.

In addition to the Eremor field, Mart is in late-stage negotiations to
acquire further undeveloped fields in Nigeria that have significant
hydrocarbon potential.

Mart is an independent international energy company focused on
developing oil, gas and power projects in West Africa.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Mart Resources, Inc.
    Wade G. Cherwayko
    President
    +44 7785 298 466
    Email: info@martresources.com
    Website: www.martresources.com
    The TSX Venture Exchange has not and does not accept responsibility for
    the adequacy or accuracy of this release.