Mart Resources, Inc.
TSX VENTURE : MMT

Mart Resources, Inc.

October 19, 2010 08:31 ET

Mart Resources Inc.: UMU-6 Well Drilling Update

CALGARY, ALBERTA--(Marketwire - Oct. 19, 2010) - 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 Ltd, are pleased to provide an operations update on the UMU-6 well currently being drilled in the Umusadege field.

The UMU-6 well, which commenced drilling operations on September 13, 2010, is currently drilling ahead in the 12 1/4 inch final hole section. The well is currently at a depth of approximately 4,450 feet and drilling is progressing to the estimated total depth of 9,000 feet.

Drilling operations to date included setting a 20 inch conductor pipe at 365 feet, drilling a 16 inch top hole section to 3,360 feet and setting 13 3/8 inch casing. Some delays were experienced in the 16 inch hole section due to loss of drilling mud in unconsolidated sands and hole stability issues.

The UMU-6 well's primary objectives are the XIII, XIV, XV and XVI sands that were identified by well logs in previous wells, but which have not previously been production tested or produced. It is anticipated that the UMU-6 well will be completed as a dual tubing string configuration allowing for the potential of multiple zones being produced from the same well bore. 

The UMU-6 well is being drilled from a three well drilling pad that allows the rig to be skidded to drill the proposed UMU-7 and UMU-8 wells. The use of this drilling pad will enable efficient and more cost-effective rig moves following completion of each well.

ABOUT MART RESOURCES:

Mart Resources Inc. is an independent, international petroleum company focused on drilling, developing and producing oil and gas from low-risk 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 Ltd. Mart also owns two land drilling rigs, has strong local relationships and experience and is evaluating additional proven undeveloped opportunities in Nigeria.

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. 

In particular, statements concerning the timing of the drilling of the UMU-6 well, the future success of such well, the ability of the Company to successfully complete and commercially produce, transport and sell oil from such well and the ability to of the Company to fund future drilling operations should be viewed as 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.

Contact Information