Mart Resources, Inc.
TSX VENTURE : MMT

Mart Resources, Inc.

November 04, 2011 08:30 ET

Mart Resources, Inc. Operations and Production Update

CALGARY, ALBERTA--(Marketwire - Nov. 4, 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 Company Limited are pleased to provide an operational update on the Umusadege field, onshore Nigeria.

Rig Mobilized to UMU-9 Well Location

Mobilization of the NRG 201 drilling rig to the UMU-9 location has commenced. The UMU-9 well is located approximately 2 1/2 kilometers from Mart's UMU-8 well on a previously constructed three slot drilling pad. It is currently anticipated that the UMU-9 well drilling operations will commence by the end of November 2011.

October 2011 Production Update

Crude oil deliveries into the export pipeline from the Umusadege field for the month of October 2011 averaged 7,209 barrels of oil per day (bopd). Umusadege field downtime for October was approximately 4.1 days due mainly to third party pipeline operational shutdowns and export facility capacity curtailments. Negotiations with Agip, the Nigeria operator of the export pipeline, to increase export capacity for the Umusadege field have been ongoing and are nearing conclusion.

Mart to Present at Three International Oil and Gas Conferences

Wade Cherwayko, Chairman and CEO of Mart Resources will be a guest presenter at three international oil and gas conferences in the month of November. The location and details of the conferences are listed below and also posted on Mart's web site under Events.

1. November 4, 2011 - Conference Africa Oil Week, Cape Town, South Africa:

http://www.petro21.com/programs/?id=689

2. November 7/8, 2011 - Oil & Gas Forum, New York, USA:

http://minellc.com/pdf/oagff11_invitation.pdf

3. November 16, 2011 – Oil Council, London, UK

http://www.oilcouncil.com/event/weca/agenda/

Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.

INVESTOR RELATIONS:

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
Email: inquiries@martresources.com

Note: Except where expressly stated otherwise, all production figures set out in this press release, including barrels of oil per day (bopd), reflect gross Umusadege field production rather than production attributable to Mart. Mart's share of total gross production before taxes and royalties from the Umusadege field fluctuates between 82.5% (before capital cost recovery) and 50% (after capital cost recovery).

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 of the commencement of drilling operations or the future success of such operations on the UMU-9 well should all be viewed as forward-looking statements.

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.

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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