Mart Completes Eremor Field Agreement

Mart Resources has signed the formal agreement with Excel Exploration & Production Company Limited that grants Mart the right to participate in the development of the Eremor Oil Field in Nigeria with Excel. The Eremor Oil Field is located in Nigeria's Niger Delta region and was awarded to Excel under the Nigerian Government's marginal field allocation program. Fields allocated under this program contain significant proven reserves determined by previous drilling, but remain undeveloped. Mart and Excel are currently arranging to contract a service rig to begin testing, re-completion and development of this proven oil and gas field, and plan to have a rig on location as soon as practically possible.

The Eremor Oil Field is located in close proximity to existing production facilities and export pipelines, and provides a unique opportunity to develop a low risk, proven field that can generate substantial cash flow for Mart. The Field was discovered in 1978 by the Eremor #1 well, which encountered a thick sandstone reservoir at a depth of 5,744 feet. The Field was successfully appraised by a confirmation well in 1984, which 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.

Mart and Excel retained Horizon Energy Partners to conduct a detailed technical evaluation of the geological, geophysical and reservoir data from the Eremor Oil Field, which included evaluation of 3D seismic data acquired in 1999, and the construction of a reservoir simulation model for the development of the field.

The Eremor Field is one of 24 proven oil and gas fields that have been granted to indigenous companies under Nigeria's allocation program. Mart is presently negotiating agreements to participate in several additional proven fields.