Mart Resources, Inc.
TSX VENTURE : MMT

Mart Resources, Inc.

November 22, 2011 08:30 ET

Mart Resources, Inc.: UMU-9 Well Commences Drilling

CALGARY, ALBERTA--(Marketwire - Nov. 22, 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 Company Limited are pleased to provide an operational update on the Umusadege field, onshore Nigeria.

UMU-9 Well Update

The UMU-9 well commenced drilling operations on November 18, 2011 and is currently at a depth of 4,015 feet in the 16 inch upper hole section. The next activity will include running and cementing 13 3/8 inch casing in the upper hole section. Drilling will then continue in the intermediate section with a 12 1/4 inch hole to approximately 8,300 feet, followed by running 9 5/8 inch casing. The bottom hole deviated section will then be drilled with a 8 1/2 inch hole to total measured depth of approximately 11,000 feet.

Main objectives for UMU-9 are:

  1. To appraise the extension of the shallower reservoirs discovered and producing in the main culmination of the UMU-1, -5, -6, -7 and -8 wells. These sands will be intersected in the drilling of the vertical section of the well, which will then be cased prior to drilling ahead to the deeper targets.

  2. To deviate and explore the deeper untested targets (including the C0 sand) while running a measurement while drilling ("MWD") tool followed by a logging while drilling ("LWD") tool to evaluate the potential hydrocarbon bearing zones.

November Production Update

Field oil injection into the export pipeline was approximately 9,053 barrels of oil per day during the period between November 1, 2011 and November 15, 2011. The Umusadege field experienced no production downtime over this period.

Negotiations with Agip, the Nigeria operator of the export pipeline, to increase export capacity for the Umusadege field have been ongoing and are believed to be nearing conclusion.

Additional information regarding Mart is available on the Company's website at www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.

Note: 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, there is no assurance that the drilling program for the UMU-9 well will be successful or will successfully appraise the extensions of the shallower reservoirs as contemplated, or successfully deviate the deeper untested targets.

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.

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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