Mart Resources, Partners Encouraged by UMU-5 Initial Test Results

Mart Resources and its partners, Midwestern Oil and Gas Company PLC (Operator) and Suntrust Oil Company Nigeria Limited, are pleased to report encouraging initial test results from the first production test on the UMU-5 well located at the Umusadege field in the Niger Delta of Nigeria.

The first test on the UMU-5 well was conducted on the IX oil zone for a duration of 17 hours. During the test, the well flowed at rates up to 3,200 barrels per day of 48 API gravity oil through 2 7/8 inch tubing on a 32/64" choke at a flowing tubing pressure of 625 PSI. Water production was less than 0.2% and the gas/oil ratio was approximately 80 standard cubic feet per barrel. Mart and its partners are currently undertaking an additional production test in the VII oil zone, located uphole of the IX oil zone.

In addition to the current production test in the IX zone, the UMU-5 well confirmed oil in six other zones based upon wireline fluid samples. These samples bring the total number of oil zones in the Umusadege field confirmed by fluid samples to thirteen. Logs from the UMU-5 well indicate a total net oil pay of 175 feet, including 27 feet in the IX zone and 47 feet in the VII zone.

The UMU-5 well was drilled as a "twin well" to the currently producing UMU-1 well in order to enable production from additional oil zones. Production from the UMU-1 well, which was drilled by Elf in 1974, commenced on April 21, 2008 and the well is currently producing approximately 2,000 barrels of 42 API oil per day from the XIIb zone. This zone has 20 feet of net oil pay and has produced more than 490,000 barrels of oil to date.

All interconnecting pipelines to tie the UMU-5 well into the Umusadege field production and export facilities have been completed and the partners plan to commence commercial production from the UMU-5 well immediately following analysis of the crude oil samples and receipt of all requisite approvals, which are currently anticipated by the end of March 2009.


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