Mart Resources, Inc.
TSX VENTURE : MMT

Mart Resources, Inc.

May 03, 2011 20:46 ET

Mart Resources, Inc., Announces ASC Management Cease Trade Order

CALGARY, ALBERTA--(Marketwire - May 3, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") announces that further to its press release of May 2, 2011, as a result of a delay in the filing of its 2010 annual financial statements, management's discussion and analysis and CEO and CFO certificates (collectively, the "2010 Annual Financial Statements"), the Alberta Securities Commission (the "ASC") in accordance with its guidelines, has issued a management cease trade order that prohibits, effective immediately, all trading of the securities of the Company by Wade G. Cherwayko, Chairman and Chief Executive Officer and Angela Clark, Chief Financial Officer. The management cease trade order will remain in place until two full business days following receipt by the ASC of the 2010 Annual Financial Statements. The Company is working to complete its 2010 Annual Financial Statements at the earliest possible date and expect to file the 2010 Annual Financial Statements by May 31, 2011.

Until Mart completes the filing of the 2010 Annual 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 2010 Annual 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 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 www.martresources.com.

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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.

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