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 Company Limited are providing the following updates on
Umusadege field production for August 2013 and the drilling of the UMU-11 well.


August 2013 Production Update

Umusadege field production during August 2013 averaged 9,235 bopd. Umusadege
field downtime during August 2013 was approximately 7.5 days due to shutdowns
required for, operations connected to preparation and drilling of the UMU-11
well, testing of the new central processing facility, and effects of pipeline
space constraints put in place by Agip for several days at the end of the month.
The average field production based on producing days was 12,085 bopd in August
2013.


Total net crude oil deliveries into the export pipeline from the Umusadege field
for August 2013 were approximately 293,600 bbls before pipeline losses. Pipeline
and export facility losses for May 2013, June 2013 and for July 2013 have now
been reported by Agip. The pipeline and export facility losses for each month
were as follows: May 2013 - 82,104 bbls (25%), June 2013 - 91,510 bbls (30%),
and July 2013 - 90,788 bbls (26%). Pipeline and export facility losses have
averaged 19% for the first seven months of 2013. Mart and its co-venturers have
requested additional data regarding the increase in the rate of pipeline and
export facility losses and will provide additional information as it becomes
available. August 2013 pipeline and export facility losses have not yet been
reported by Agip.


UMU-11 Well Update

The UMU-11 well commenced drilling operations on August 14, 2013 and is
currently at a depth of 7,464 feet in the 12 1/4-inch hole section. The 16-inch
hole section was successfully cemented with 13 3/8 casing to a depth of 5,000
feet. The 12 1/4-inch section will be drilled to a total measured depth of
approximately 8,700 feet, followed by running a 9 5/8-inch casing.


The main objectives for the UMU-11 well are to appraise and produce proven oil
reservoirs encountered but not completed in the UMU-9 and UMU-10 wells. These
sands (XIIb, XIIc, XVIa, and XVIb) were previously logged and sampled. The
UMU-11 objective is to test four of these oil-bearing sands, and if successful,
complete these sands for production.


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.


Except where expressly stated otherwise, all production figures set out in this
press release, including 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, there is no assurance that there will not be future disruptions
of the AGIP pipeline or that future repairs will not be required. Any future
disruptions will materially and adversely affect the ability of the Company to
transport, deliver and sell its crude oil production from the Umusadege field.
Statements (express or implied) concerning the allocation of export and pipeline
capacity to the Umusadege field from their third party pipeline owners, should
also be viewed as forward looking statements.


In addition, there is no assurance that the drilling program for the UMU-11 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-11 well (or any one or more of the hydrocarbon sands identified by
the UMU-11 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.


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 no 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.


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 no 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.


NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mart's London, England office
Wade Cherwayko
+44 207 351 7937
Wade@martresources.com


Mart's London, England office
Dmitri Tsvetkov
+44 207 351 7937
dmitri.tsvetkov@martresources.com
www.martresources.com


Canada
Sam Grier
403-270-1841 or toll free 1-888-875-7485

Mart Resources (TSXV:MMT)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Mart Resources Charts.
Mart Resources (TSXV:MMT)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Mart Resources Charts.