Mart Resources, Inc.
TSX VENTURE : MMT

Mart Resources, Inc.

May 26, 2005 17:33 ET

Mart Resources Progress Report on Eremor Well

CALGARY, ALBERTA--(CCNMatthews - May 26, 2005) - Mart Resources, Inc. (TSX VENTURE:MMT) (the "Company") would like to announce an update regarding progress on the re-entry and testing of the Eremor #1 Well in the Eremor Oil Field, Nigeria. Logging operations have now been completed and have confirmed the integrity of the existing casing and cement bond. The targeted zones will be perforated to test the flow rate, composition, and quality of hydrocarbons indicated by the logs. Test results are anticipated by the end of next week.

As previously described, the Eremor Oil Field was discovered in 1978 by the Eremor #1 well, which encountered a thick sandstone oil reservoir at a depth of 5,744 feet. An appraisal well, drilled in 1984 penetrated the same oil-bearing sandstone reservoir as the Eremor #1 well. Both wells also encountered a shallower zone containing light oil or condensate and gas at a depth of 5,469 feet. The field remained undeveloped and was awarded to Excel Exploration and Production Company Limited, under the Nigerian government's Marginal Field Allocation Program for specific proven but undeveloped fields, Mart's indigenous partner.

Mart also announces the grant of 1,000,000 incentive stock options (the "Options") with an exercise price of $0.76 per Option to the Company's officers, and consultants. Upon exercise, each Option entitles the holder to one common share of the Company. The Options expire May 26, 2010.

The Options were granted in accordance with the Company's stock option plan which was approved by shareholders on June 16, 2004. The stock option plan permits the Company to issue options to acquire up to 10% of the Company's common shares. The Company currently has 94,538,543 common shares issued and outstanding and 8,230,000 options exercisable for common shares. After the grant of the Options, the Company has 1,223,854 options available for further issuance under the stock option plan.

Mart is an independent international energy company focused on developing oil, gas and power projects in West Africa.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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