Mart Resources, Inc.

Mart Resources, Inc.

January 16, 2006 09:00 ET

Mart Resources, Inc. Signs Agreement to Participate in the Development of the Ke Oil Field in Nigeria

CALGARY, ALBERTA--(CCNMatthews - Jan. 16, 2006) - Mart Resources Inc., (TSX VENTURE:MMT), announced today that it has signed an agreement with Del-Sigma Petroleum Limited that grants Mart the right to participate with Del-Sigma in the evaluation and development of the Ke Oil Field in Nigeria. The field is one of 24 oil fields located in Nigeria's Niger Delta region that were granted to indigenous companies under Nigeria's marginal field allocation program. Fields allocated under this program have been delineated by prior drilling and supported by seismic but remain undeveloped. Mart has previously signed agreements to participate in the development of three other proven undeveloped oil fields allocated under this program and is presently negotiating agreements to participate in additional such fields.

The Ke Field was discovered in 1965 by the Ke-1 well, which encountered light crude oil pay in three sandstone reservoirs at depths between 9,300 feet and 10,500 feet. The oil quality is between 36 and 44 API. An extensive 3-D seismic survey was acquired over the field during the 1990's and this enabled detailed mapping of the reservoir units. Early operations on the Ke Field will include the drilling of an appraisal well to test the very high potential but currently undrilled southern segment of the field. Mart and Del-Sigma will then formulate a detailed field development program. The field is located in close proximity to existing production facilities and export pipelines.

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

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

Contact Information

  • Mart Resources, Inc.
    David Parker
    London: +44 207 245 4166
    Mart Resources, Inc.
    David Halpin
    (403) 270-1841