Mart Resources, Inc.

Mart Resources, Inc.

July 20, 2011 08:30 ET

Mart Resources, Inc.: UMU-8 Well Reaches Total Depth and Identifies 385 Feet of Oil Pay

CALGARY, ALBERTA--(Marketwire - July 20, 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-8 well in the Umusadege field.

The UMU-8 well has reached a final total drilling depth of 8593 feet. Open hole wireline logs have been run with results indicating a total of 16 hydrocarbon bearing sands. The well logs indicate a cumulative gross pay of approximately 385 feet in the 16 sands encountered by the well.

All of the UMU-8 well's primary objectives, including the IX, XI, XIIa, XIIb, and XV sands were hydrocarbon bearing sands based on well log interpretation with results indicating gross oil pay of 32 feet, 14 feet, 39 feet, 26 feet and 11 feet respectively. 9 5/8" production casing has successfully been run and cemented.

The next phase of operations will include perforating the five sands and the installation of completion equipment consisting of a dual tubing string (3 1/2 inch and 2 7/8 inch) configuration. The 3 1/2 inch tubing will have the XV, XIIa and XIIb sands completed and the 2 7/8 inch tubing will have the XI and IX sands completed allowing for future multi-zone production. After the completion equipment is installed, testing on the five individual sands will be conducted. While the dual string will allow for completion and testing of the five sands, it is anticipated that only two sands will initially be produced at any given time.

By way of update, negotiations with the operator of the export pipeline to increase export capacity for the Umusadege field are ongoing and have not yet been finalized. Mart and its co-venturers are continuing to evaluate new pipeline and export options to provide an alternative for future production capacity.

Chairman's comment:

Wade Cherwayko, Chairman and CEO of Mart, said "Initial interpretation of the logs for the UMU-8 well indicate the primary objective sands are hydrocarbon bearing, including the XI and XV sands that have no proved or probable reserves assigned to them. If testing of the XI and XV sands is successful, the Umusadege field reserves could be increased from previously disclosed reserve estimates."


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


Except where expressly stated otherwise, all production figures set out in this press release, including 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 or success of completion operations on the UMU-8 well and the ability of the Company to successfully complete, test and commercially produce, transport and sell oil from the UMU-8 well (or any one or more of the hydrocarbon sands identified by the UMU-8 well), should all be viewed as forward-looking statements. The well log interpretations indicating hydrocarbon bearing sands are not necessarily indicative of future production.

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.


Contact Information