Mart Resources, Inc.
TSX VENTURE : MMT

Mart Resources, Inc.

March 15, 2011 09:04 ET

Mart Resources Inc.: UMU-7 Well Reaches Total Depth and Identifies 380 Feet of Oil Pay

CALGARY, ALBERTA--(Marketwire - March 15, 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 Ltd are pleased to provide an update on the UMU-7 well in the Umusadege field.

The UMU-7 well reached a final total drilling depth of 8,715 feet on March 11, 2011. Open hole wireline logs have been run with results indicating a total of 15 hydrocarbon reservoirs. The well logs also indicate a cumulative gross pay of approximately 380 feet in the 15 sands identified in the UMU-7 well.

All of the UMU-7 well's primary objectives, including the VIII, XIIc, XIV and XVI sands were hydrocarbon bearing with results indicating gross oil pay of 26 feet, 17 feet, 42 feet and 10 feet respectively.

9 5/8" production casing has successfully been run and cemented. The next phase of operations will include perforating and the installation of completion equipment consisting of a dual tubing string (3 1/2" and 2 7/8") configuration allowing for multi zone testing and future production. After the completion equipment is installed, testing on individual sands will be conducted.

Chairman's comment:

Wade Cherwayko, Chairman and CEO of Mart Resources Inc, said "The drilling success of the UMU-7 well confirms the additional development potential in the Umusadege field and is expected to contribute to increased total production in the field."

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 (express or implied) concerning the timing or success of completion operations on the UMU-7 well, the ability of the Company to successfully complete and commercially produce, transport and sell oil from the UMU-7 well (or any one or more of the hydrocarbon sands identified by the UMU-7 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 all 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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