| From: LoneClone | 2/8/2011 7:29:25 PM | | | of 37382 | | | Mart Resources, Inc.: Drilling Operations Commence on UMU-7 Well in the Umusadege Field
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Press Release Source: Mart Resources, Inc. On Tuesday February 8, 2011, 8:21 am EST
CALGARY, ALBERTA--(Marketwire - Feb. 8, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "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 announce that drilling activities have commenced at the UMU-7 well.
The UMU-7 well commenced drilling operations on February 7th, 2011and is currently drilling ahead at 1300 feet. It is anticipated that the UMU-7 well will be completed as a dual tubing string configuration allowing for the potential of multiple zones to be produced from the same well bore. The UMU-7 well's primary objectives are the previously identified VIII sand and the new X11c, XIV and XV sands that were discovered by UMU-6 well in December 2010.
The UMU-7 well is being drilled from the same three-slot drilling pad as the recently drilled and completed UMU-6 well. It is estimated that the drilling phase will take 40 to 50 days. The third slot on the pad will be used to drill the UMU-8 well.
ABOUT MART RESOURCES:
Mart 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 concerning the timing of the drilling phase of the UMU-7 well, the future results or success of drilling operations, the ability of the Company to successfully complete and commercially produce, transport and sell oil from the Umusadege field, the ability of the Company to successfully drill other wells on the Umusadege field and the ability 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.
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.
Contact:
Wade Cherwayko
Mart Resources, Inc. - London Office
+44 207 351 7937
Wade@martresources.com
Angela Clark
Mart Resources, Inc. - London Office
+44 207 351 7937
Anglea.Clark@martresources.com
www.martresources.com |
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