Mart Announces Nigeria Update, Debt Financing

Mart Resources, Inc. and its partners Midwestern Oil and Gas Company PLC and Suntrust Oil Co. Nigeria Limited reported an update on the UMU-4 well they recently drilled in the Umusadege Field in Nigeria. The partners, with Midwestern as Operator, will run 5 1/2 " production casing in the well to total depth prior to additional analysis and evaluation. Information from the well is presently being integrated into a revised 3-D seismic interpretation of the field.

NRG Rig 101, which drilled UMU-4, will be moved to the Umusadege UMU-1 well (which was drilled and cased by ELF in 1974) to perforate and production test a number of oil sands identified in the well from logs and wireline tests. Government approval for the UMU-1 operations has been requested and it is anticipated that the rig move can commence as soon as UMU-4 operations are complete.

Mart also announces that the Company's Nigerian subsidiary has secured a debt facility of US$10 million from a Nigerian bank. These funds will be directed to Mart's ongoing operational activities in Nigeria.


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