Mart Resources Begins Work on Eremor Field in Nigeria

Mart Resources and its Nigerian partner, Excel Exploration & Production Company report that operations for the preparation of the Eremor #1 well site are presently underway. Once the well site preparation is completed, a service rig will be mobilized and re-entry operations on the well will commence.

The field is in close proximity to existing pipelines and production facilities. After the re-entry and testing of the Eremor #1 well, development drilling and production facility installation will commence as soon as possible.

In addition to the Eremor field, Mart is in advanced negotiations to acquire additional undeveloped fields in Nigeria that have significant hydrocarbon potential.

The Eremor oil field, located in Nigeria's Niger Delta Region and was awarded to Excel under the Nigerian government's Marginal Field Allocation Program. Mart has entered into a Finance and Service Agreement with Excel to participate in the development of the field.

The Eremor oil field was discovered in 1978 by the Eremor #1 well, which encountered a thick sandstone reservoir at a depth of 5744 feet.