CALGARY, ALBERTA--(Marketwire - July 24, 2008) - Mart Resources, Inc. (TSX VENTURE:MMT) and its partners Midwestern Oil and Gas Company PLC (Operator) and Suntrust Oil Company Nigeria Limited are pleased to announce the commencement of initial oil production from the UMU-3 well located in the Umusadege field, onshore Nigeria. Since commencing production on July 22, 2008, the UMU-3 well has produced at an average of 1,000 barrels oil per day ("bopd") into the Umusadege production facilities to complement production from the UMU-1 well. Stabilized production rates from the UMU-3 well are expected to be achieved over the next month. With the addition of initial production from the UMU-3 well, total production from the Umusadege field has increased to approximately 3,200 bopd, with the UMU-1 well currently producing from individual zones for evaluation.
Certain statements in this News Release constitute forward-looking statements under applicable securities legislation. Such forward-looking statements involve 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. Forward-looking statements in this new release include but are not limited to reference to current production and anticipated future production from the company's Umusadege field. By its very nature, such forward-looking information requires Mart Resources, Inc. to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information. In particular, there is no assurance that current production levels referenced herein will be sustained.
Furthermore, the forward-looking information contained in this news release is made as of the date of this news release and, except as required by applicable law, Mart Resources, Inc. does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mart Resources, Inc.
London # +44 207 953 4090
Mart Resources, Inc.
Calgary # (403) 270-1841