Mart Begins Work on Eremor#1 Well in Nigeria

Mart Resources reports that a service rig is on location and work has commenced on the re-entry and testing of the Eremor #1 well in the Eremor Oil Field, Nigeria. This operation represents an exciting corporate milestone as the Company is confident that it is the first step in a program that will establish significant oil production and an important oil reserve base for Mart in Nigeria's Niger Delta.

The Eremor Oil Field was discovered in 1978 by the Eremor #1 well, which encountered a thick sandstone oil reservoir at a depth of 5,744 feet. An appraisal well, drilled in 1984 penetrated the same oil-bearing sandstone reservoir as the Eremor #1 well. Both wells also encountered a shallower zone containing light oil or condensate and gas at a depth of 5,469 feet. The field remained undeveloped and was awarded to Excel Exploration and Production Company Limited, under the Nigerian government's Marginal Field Allocation Program for specific proven but undeveloped fields, Mart's indigenous partner.

Announcement of the results from the re-entry and testing of the Eremor #1 well will be forthcoming as work progresses.


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