Mart Resources on Track with Nigerian Development Plans

Mart Resources says that the drilling rig it acquired in Canada to facilitate the Company's drilling commitments in proven undeveloped oil fields in Nigeria has recently cleared customs in that country. The rig, which has been modified to withstand conditions encountered in the Niger Delta, is being assembled and tested prior to its first drilling assignment. Mart's exclusive access to this rig gives the Company a strong competitive advantage in Nigeria's tight rig availability market.

The rig has been initially assigned to develop the Umusadage Field. This field, located in the central Niger Delta, was awarded to Mart's partners Midwestern Oil and Gas Ltd. under the Nigerian Government's marginal field allocation program. Three wells were drilled and cased in the Umusadage Field between 1974 and 1980. The N2 well, which was the only well tested, flowed 2,654 barrels of oil per day. It is Mart's plan to re-enter, test and re-complete the N2 well followed by the drilling of two new wells.

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