MMT Mart Resources

Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") announces its
unaudited interim financial and operating results for the nine months ended
September 30, 2008, the adoption of a shareholder rights plan and the Company's
evaluation of strategic alternatives.


Third Quarter 2008 Financial and Operating Highlights

The following provides financial and operating highlights for the third quarter
2008.


Financial Highlights

Mart's share of crude oil production averaged 1,781 barrels of oil per day
("bbl/d") during the third quarter from its operations at the Umusadege field,
onshore Nigeria. This compares to 1,744 bbl/d for the Company's share of
production for the period April 20, 2008 (commencement of production) through
September 30, 2008.


Funds from operations (which is a non-GAAP measure defined below) during the
third quarter totaled $5.2 million. Funds from operations for the nine months
ended September 30, 2008 totaled $2.1 million. The significantly larger third
quarter result was primarily attributable to the third quarter being the
Company's first full quarter of crude oil production.


Funds from operations per barrel for the third quarter were $31.24 per barrel
(after tax). Funds from operations per barrel for the nine months ended
September 30, 2008 were $7.02 per barrel (after tax). The significantly higher
third quarter result was once again attributable to the third quarter being the
Company's first full quarter of production.


Production costs totaled $4.0 million ($23.56 per bbl) for the third quarter of
2008 and $6.1million ($20.66 per bbl) for the nine months ended September 30,
2008. The high production costs per barrel reflect several expenditures
coincident with start up and early production facility operations. Mart has
undertaken several initiatives to reduce its operating cost structure including
the replacement of rented oil production facilities with permanent facilities
and re-injection of produced water into an existing well at the Umusadege field
which will eliminate the need to use a third party contractor for water
disposal.


General and administrative ("G&A") costs for the nine months ended 2008 were
$8.3 million compared to $2.7 million during the same period in 2007. G&A
expenses for Q308 totaled $3.8 million compared to $0.7 million during the
comparable period in 2007. The significant year over year increase is directly
attributable to additional staffing, travel and overall logistics associated
with the increased drilling and production activities in Nigeria. The Company is
undertaking a strategic review which will include measures to reduce G&A and
operating costs.


The Company recorded a net income of $0.5 million for the third quarter 2008
compared to a net loss of $2.5 million for the equivalent period in 2007.
However, for the first nine months of 2008 the Company recorded a net loss of
$7.0 million versus a net loss of $8.2 million for the comparable period during
2007.


Capital invested in petroleum property interests and equipment totaled $6.1
million during the third quarter and $30.4 million for the year to date 2008.
These year-to-date capital expenditures were financed primarily with $4.3
million in cash flow from operating activities, $11.8 million in newly incurred
bank debt and a draw down of $12.8 million in cash. This resulted in bank debt
of $22.3 million and a cash balance of $10.6 million at the end of the period.


Operating Highlights

During the third quarter of 2008 drilling operations were commenced on two
wells. At the Umusadege Field, Mart and its partners commenced drilling of the
Umusadege-5 ("UMU-5") well and at the Qua Ibo Field Mart and its partner
commenced drilling of the Qua Ibo-3 ("QI-3") well. Drilling activities are
currently ongoing for both of these wells.


The UMU-5 well is being drilled immediately adjacent to the UMU-1 well which is
producing from two of thirteen identified hydrocarbon-bearing zones. The Company
plans to use the UMU-5 well to produce oil from some of the remaining eleven
zones that were encountered in the UMU-1 well and identified from well logs.
Drilling of the UMU-5 well has taken longer than initially anticipated due to
downhole technical issues and breakdown and repairs on some of the drilling rig
equipment. As of the date of this release, the UMU-5 drilling operations are
ongoing.


Mart and its partner have prepared a provisional Field Development Plan for the
Qua Ibo field, which has been approved by the Nigerian government. Full
development of the Qua Ibo field is contingent upon the successful outcome of
the appraisal drilling that commenced on September 10, 2008, as previously
announced by the Company. Drilling of this QI-3 well has taken longer than
initially anticipated due to technical issues experienced in drilling activities
and start-up delays in getting the drilling rig to full operating capacity, as
this was the first well the rig has drilled in Nigeria.


At its third oil field in Nigeria, the Ke field, Mart and its partner have
commenced wellsite preparation work.


Copies of the Company's unaudited consolidated financial statements as of and
for the periods ended September 30, 2008 and the related Management's Discussion
and Analysis have been filed with Canadian Securities Regulatory Authorities and
are available at www.sedar.com.


Non-GAAP Measurements

This press release contains the term "funds from operations", which is not
determined in accordance with GAAP. Funds from operations are defined by the
Company as cash flow from operating activities excluding the change in non-cash
working capital related to operating activities. This measurement should not be
considered an alternative to, or more meaningful than net earnings or funds
provided by operations as determined in accordance with GAAP as an indicator of
the Corporation's performance. It is likely that these non-GAAP measurements may
not be comparable to the calculation of similar amounts for other entities. In
particular, funds from operations is not intended to represent, or be equivalent
to, cash flow from operating activities calculated in accordance with Canadian
GAAP which appears on the Company's Consolidated Statements of Cash Flows. Funds
from operations is intended to benchmark operations against prior periods and
peer group companies. The reconciliation between net earnings and cash flow from
operating activities can be found in the statements of cash flows in the
financial statements.


Adoption of Shareholder Rights Plan

The Company also announces that it has adopted a shareholder rights plan (the
"Plan") effective November 27, 2008. Mart will be seeking shareholder approval
of the Plan at its next annual general and special meeting of shareholders.


The Plan is designed to ensure the fair and equal treatment of shareholders in
connection with any take-over bid for outstanding common shares of Mart. The
Plan is not intended to prevent or deter take-over bids that offer fair
treatment and value to shareholders, but is designed to encourage offers that
represent fair value to all shareholders. The Plan seeks to provide shareholders
with adequate time to properly assess a take-over bid without undue pressure. It
also provides the Board of Directors with adequate time to fully assess an
unsolicited take-over bid, to allow competing bids to emerge, and, if
applicable, to explore other alternatives to the take-over bid to maximize
shareholder value.


Under the terms of the Plan, one right will be issued by Mart for each
outstanding Mart common share at the close of business on November 27, 2008, and
for each Mart common share issued in future (subject to the terms of the Plan).
The rights issued under the Plan become exercisable only if a person acquires or
announces its intention to acquire 20% or more of the common shares of the
Company without complying with the "Permitted Bid" provisions of the Plan or
without the approval of Mart's Board of Directors.


Permitted Bids must be made to all holders of Mart common shares by way of a
take-over bid circular prepared in compliance with applicable securities laws
and, among other things, must be open for acceptance for a minimum of 60 days.
If at the end of 60 days at least 50% of the outstanding common shares other
than those owned by the offeror and certain related parties have been tendered
and not withdrawn, the bidder may take-up and pay for the shares but must extend
the bid for a further 10 days to allow other shareholders to tender to the bid.


If a take-over bid does not meet the Permitted Bid requirements of the Plan, the
rights will entitle shareholders, excluding the shareholder or shareholders
making the take-over bid, to purchase additional common shares of the Company at
a substantial discount to the market price of the common shares at that time.


Mart is not adopting a Plan in response to any proposal to acquire control of
the Company. The Plan is similar to plans adopted by other Canadian companies
and ratified by their shareholders.


Although effective as of November 27, 2008, the Plan is subject to approval by
the TSX Venture Exchange and will be presented for ratification by the Company's
shareholders at the next annual general and special meeting. If ratified by the
shareholders, the Plan will have an initial term of 3 years.


Strategic Review and Assessment of Funding Alternatives

The Company also announces that it has initiated a strategic review to enhance
shareholder value including an assessment of available funding alternatives and
that it has also initiated capital preservation measures. These initiatives are
in response to the current period of economic uncertainty, volatile equity
markets, the crisis in international credit markets and the Company's current
working capital position. The strategic review will encompass a careful
assessment of the Company's current business plan, its growth strategy, market
valuation, changes in capital structure and current and future funding
requirements. The assessment of funding alternatives and capital preservation
measures will include an assessment of the Company's current working capital
position, the availability of additional conventional debt, convertible debt and
equity as well as the assessment of funding requirements for ongoing operations,
the possible sale of assets (including drilling rigs and equipment), the
farmout, joint venture or sale of properties or the merger or sale of the
Company with a larger entity. The Board of Directors has not currently engaged a
financial advisor to assist with this review.


About Mart Resources:

Mart Resources Inc. is an independent, international petroleum company focused
on drilling, developing and producing oil and gas from low-risk proven petroleum
properties in Africa. The Company owns two drilling rigs, has strong local
relationships and has formed joint venture partnerships with indigenous
operators in Nigeria. Based on these factors Mart has successfully acquired
interests in and begun development of a portfolio of three on-shore Nigerian oil
fields. Mart's first oil production commenced in April 2008 from the Umusadege
field.


Certain statements in this Press 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 press release include but
are not limited to references, whether express or implied, to the successful
drilling and completion of the UMU-5 and QI-3 wells and the ability to
commercially produce oil therefrom, the successful implementation by the Company
of initiatives to reduce its operating and G&A cost structure and future
production from the Company's Umusadege field, Qua Ibo field or its other
properties. Historic production levels and cash flows are not necessarily
indicative of future production levels or cash flows. This forward-looking
information is subject to known and unknown risks and uncertainties and other
factors, which may cause actual results, levels and timing of activity and
achievements to differ materially from those expressed or implied by such
information.

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