MMT Mart Resources

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 Ltd are pleased to provide an update on the UMU-7 well
in the Umusadege field. 


The UMU-7 well reached a final total drilling depth of 8,715 feet on March 11,
2011. Open hole wireline logs have been run with results indicating a total of
15 hydrocarbon reservoirs. The well logs also indicate a cumulative gross pay of
approximately 380 feet in the 15 sands identified in the UMU-7 well. 


All of the UMU-7 well's primary objectives, including the VIII, XIIc, XIV and
XVI sands were hydrocarbon bearing with results indicating gross oil pay of 26
feet, 17 feet, 42 feet and 10 feet respectively. 


9 5/8" production casing has successfully been run and cemented. The next phase
of operations will include perforating and the installation of completion
equipment consisting of a dual tubing string (3 1/2" and 2 7/8") configuration
allowing for multi zone testing and future production. After the completion
equipment is installed, testing on individual sands will be conducted.


Chairman's comment:

Wade Cherwayko, Chairman and CEO of Mart Resources Inc, said "The drilling
success of the UMU-7 well confirms the additional development potential in the
Umusadege field and is expected to contribute to increased total production in
the field." 


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 Nigeria, West Africa. The Company is currently producing and
developing the Umusadege field along with Midwestern Oil and Gas Co. Plc (the
Operator of the field) and SunTrust Oil Ltd. Mart also owns two land drilling
rigs, has strong local relationships and experience and is evaluating additional
proven undeveloped opportunities in Nigeria.


Forward Looking Statements

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, statements (express or implied) concerning the timing or success
of completion operations on the UMU-7 well, the ability of the Company to
successfully complete and commercially produce, transport and sell oil from the
UMU-7 well (or any one or more of the hydrocarbon sands identified by the UMU-7
well), the ability of the Company to successfully drill other wells on the
Umusadege field and the ability to of the Company to fund future drilling
operations should all be viewed as forward-looking statements. 


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.

Mart Resources (TSXV:MMT)
Historical Stock Chart
From Jun 2024 to Jul 2024

Mart Resources (TSXV:MMT)
Historical Stock Chart
From Jul 2023 to Jul 2024