Mart Resources, Inc.
TSX VENTURE : MMT

Mart Resources, Inc.

November 09, 2010 08:55 ET

Mart Resources, Inc.: UMU-6 Well Drilling Update

CALGARY, ALBERTA--(Marketwire - Nov. 9, 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 located in the Umusadege field.

The UMU-6 well reached a final total drilling depth of 8,750 feet on November 6, 2010. Open hole wire line logs have been run with preliminary results indicating a total of 18 hydrocarbon-bearing sands. The logs also indicate a cumulative gross pay of approximately 420 feet in the UMU-6 well from all sands.

All of the UMU-6 well's primary objectives, including the XIII, XIV, XV and XVI sands were hydrocarbon bearing with preliminary results indicating gross oil pay of 40 feet, 24 feet, 6 feet and 18 feet from these sands respectively. A deeper XVII sand was also encountered with initial results indicating 8 feet of gross oil pay. The XIII, XIV, XV, XVI and XVII sands were not assigned reserves in the Company's most recent NI 51-101 reserve report.

The UMU-6 well also encountered hydrocarbons in the XI and XIIc sands with preliminary results indicating gross oil pay of 14 feet and 18 feet respectively. The previous Umusadege wells did not contain material hydrocarbons in these sands.

Pressure data and fluid samples are currently being obtained which will be followed by the running of 9 5/8 inch production casing. It is expected that the UMU-6 well will be completed as a dual tubing string configuration allowing for multiple zone testing and future production from multi zones.

The current UMU-6 site includes a three well drilling pad which will facilitate two more wells being drilled from this location. It is anticipated that the next well, UMU-7, will commence drilling operations after the completion and production testing of the UMU-6 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 testing of the UMU-6 well, the future success of such testing operations, the ability of the Company to successfully complete and commercially produce, transport and sell oil from the UMU 6 well (or any one or more of the hydrocarbon sands identified by the UMU 6 well, the ability of the Company to successfully drill other wells on the Umusadege field 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.

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