CALGARY, ALBERTA--(CCNMatthews - May 2, 2007) - Mart Resources, Inc. (TSX VENTURE:MMT) and its partners Midwestern Oil and Gas Company PLC and Suntrust Oil Company Nigeria Limited today report an update on the UMU-4 well they recently drilled in the Umusadege Field in Nigeria. The partners, with Midwestern as Operator, will run 5 1/2 " production casing in the well to total depth prior to additional analysis and evaluation. Information from the well is presently being integrated into a revised 3-D seismic interpretation of the field.
NRG Rig 101, which drilled UMU-4, will be moved to the Umusadege UMU-1 well (which was drilled and cased by ELF in 1974) to perforate and production test a number of oil sands identified in the well from logs and wireline tests. Government approval for the UMU-1 operations has been requested and it is anticipated that the rig move can commence as soon as UMU-4 operations are complete.
Mart also announces that the Company's Nigerian subsidiary has secured a debt facility of $10 million USD from a Nigerian bank. These funds will be directed to Mart's ongoing operational activities in Nigeria.
Certain statements in this News Release constitute forward-looking statements. 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. In particular, there is no assurance that any future closings of the private placement will occur within the time frames indicated or at all.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mart Resources, Inc.
David Parker
London
+44 207 808 8820
Email: David.Parker@martresources.com
Mart Resources, Inc.
David Halpin
Calgary
(403) 270-1841
Email: David.Halpin@martresources.com
Website: www.martresources.com
