Mart Resources Pleased with Results from Seond UMU-1 Production Test

Mart Resources and its partners, Midwestern Oil and Gas Company PLC and Suntrust Oil Company Nigeria Limited, are pleased to report a second production test from one of thirteen oil-bearing zones identified in the UMU-1 well at the Umusadege field in the Niger Delta of Nigeria.

The second zone tested flowed at a stabilized rate of 2,784 barrels per day of 38.5 API gravity oil on a 24/64" choke at a flowing tubing pressure of 528 psig with no water or sand production and a low gas/oil ratio.

As announced on June 26, 2007, the first zone in the UMU-1 well tested at a stabilized rate of 3,237 barrels per day of 43 API gravity oil on a 20/64" choke at a flowing tubing pressure of 585 psig with no water or sand production and a low gas/oil ratio.

The combined flow rate for the UMU-1 well from only two of thirteen oil-bearing zones was 6,021 barrels oil per day. Bottom hole pressure data recorded during both tests indicate high quality reservoirs with substantial deliverability.

Mart and its partners will drill a twin well to the UMU-1 well once results from the recent tests have been analyzed (the "UMU-1 twin well"). This will allow for the testing of additional zones above the two zones recently tested in the UMU-1 well and production optimization from the multiple zones in the Umusadege field.

Mart and its partner's initial field development program for Umusadege will include drilling the UMU-1 twin well, completing the UMU-1 well and re-entering and completing the existing UMU-N2 well, which was tested by Elf in the 1970's at a rate of 2,654 barrels oil per day. The development will also include an oil export pipeline to an existing processing and export terminal 12 km's away and a temporary production facility with oil production estimated to commence in the first quarter of 2008. Assuming full completion of the initial field development program, initial production rates are estimated to be 7,500 barrels oil per day.


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