MMT Mart Resources

Mart Resources, Inc. (TSX VENTURE:MMT) - 



--  Umusadege field production averaged 10,217 barrels of oil per day
    ("bopd") during October 2012; average field production based on
    production days was 12,669 bopd during October 2012. 

--  Umusadege field net deliveries into the export pipeline were
    approximately 317,000 barrels of oil ("bbls") in October 2012 before
    pipeline losses. 

--  Flooding and other factors affecting the export pipeline and export
    terminal cause temporary shut-down of Umusadege field production. 



Mart Resources, Inc. ("Mart" or the "Company") and its co-venturers, Midwestern
Oil and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil
Company Limited are providing the following update on Umusadege field production
and drilling operations for the month of October 2012 and production operations
for the first part of November 2012.


October 2012 Production Update

Umusadege field production during October 2012 averaged 10,217 bopd. Umusadege
field downtime during October 2012 was 6 days due to due to various disruptions
in the export pipeline, well testing activities, maintenance and modification of
production facilities. The average field production based on producing days was
12,669 bopd in October 2012. 


Total crude oil deliveries into the export pipeline from the Umusadege field for
October 2012 were approximately 317,000 bbls before pipeline losses. Pipeline
and export facility losses for September 2012 as reported by the pipeline
operator were 40,018 bbls or approximately 11.6% of total crude deliveries
(losses for August 2012 as reported the pipeline operator were 52,000 bbls or
approximately 13.7% of total crude deliveries). October pipeline and export
facilities losses have not yet been reported by the pipeline operator. Pipeline
and export facility losses as reported by pipeline operator from the beginning
of the year to end of September 2012 are approximately 13.1% of total crude
deliveries during this nine month period. 


November 2012 Production Disruptions

Mart was informed of leakages on its export pipeline, causing the pipeline
operator to temporarily close the pipeline on October 30, 2012. The pipeline
operator has advised that it has been unable to inspect the export pipeline to
determine the extent of damage, as flooding due to bad weather has caused the
export pipeline to be inaccessible. 


The Brass River Export Terminal, where oil production from the Umusadege field
is shipped, has also been experiencing loading delays due to extreme flooding in
the area. As a consequence, Nigerian Agip Oil Company Ltd. ("AGIP") has declared
force majeure on loadings at the Brass River Export Terminal until the flooding
situation is rectified. 


As a consequence of the foregoing, all Umusadege field production shipped
through the AGIP export pipeline has been shut in pending AGIP's ability to
access, inspect and repair the export pipeline and rectify the flooding
situation at the Brass River Export Terminal. Mart will provide periodic
operational updates on the resolution of these matters as they become available.



UMU-10 Well Update

As previously released, the UMU-10 well encountered 479 foot gross hydrocarbon
pay in 20 sands. Six of these sands, XVIIa & XVIIb (commingled), XVIIIa, XIX,
XXb, and XXI, will be perforated, tested, and completed for production. Any two
of these zones can be produced simultaneously using dual string sliding sleeve
completion technology. The sands completed in UMU-10 will access 161 feet of the
total 479 feet of gross pay in the well.


Export Pipeline

Mart and its co-venturers are nearing conclusion of negotiations with an
affiliate of Royal Dutch Shell plc. ("Shell") to complete a crude handling
agreement that will enable plans to move forward to provide a second independent
export pipeline for Umusadege field production. Mart and its co-venturers will
then gain access to Shell's export facilities and a 50-kilometer pipeline will
be constructed. 


Additional information regarding Mart is available on the Company's website at
www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.


INVESTOR RELATIONS:

Investors are also welcome to contact one of the following investor relations
specialists for all corporate updates and investor inquiries:




FronTier Consulting Ltd.                                                    
Mart toll free #          1-888-875-7485                                    
Attn:                     Sam Grier                                         
                          Timea Carlsen                                     
Email:                    inquiries@martresources.com                       



Note: Except where expressly stated otherwise, all production figures set out in
this press release, including barrels of oil per day ("bopd"), reflect gross
Umusadege field production rather than production attributable to Mart. Mart's
share of total gross production before taxes and royalties from the Umusadege
field fluctuates between 82.5% (before capital cost recovery) and 50% (after
capital cost recovery).


Forward-Looking Statements and Risks

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, past production levels and crude oil deliveries are not
necessarily indicative of future production levels and crude oil deliveries. In
addition, statements (express or implied) concerning the allocation of export
and pipeline capacity to the Umusadege field from the third party pipeline
owners, should be viewed as forward looking statements. There is no assurance
that (1) Mart and its co-venturers will be able to obtain additional information
regarding pipeline losses; or (2) there will not be future pipeline losses and
that such losses will not be at levels greater than those referenced herein. 


In addition, there is no assurance that the drilling program for the UMU-10 well
will be successful or will successfully appraise the target sands identified by
the well. Statements (express or implied) regarding the ability of the Company
to successfully complete, test and commercially produce, transport and sell oil
from the UMU-10 well (or any one or more of the hydrocarbon sands identified by
the UMU-10 well), should all be viewed as forward-looking statements. The well
log interpretations indicating hydrocarbon-bearing sands are not necessarily
indicative of future production. There is no assurance that reserves will be
assigned to such hydrocarbon bearing sands.


No assurance can be provided on the timing of repairs to the AGIP export
pipeline, when the force majeure event on the Brass River Export Terminal will
cease or when production from the Umusadege field will re-commence. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mart Resources, Inc.
London, England office
Wade Cherwayko / Dmitri Tsvetkov
+44 207 351 7937
Wade@martresources.com / dmitri.tsvetkov@martresources.com


Mart Resources, Inc.
Investor Relations
Toll free: 1-888-875-7485
www.martresources.com

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