CALGARY, ALBERTA--(Marketwire - July 10, 2009) - Mart Resources, Inc. (TSX VENTURE:MMT) -
Following the completion of the UMU-5 well, Mart commissioned an update (the "Chapman Update Report") from Chapman Petroleum Engineering Ltd. ("Chapman") in respect of the Corporation's reserves data and other oil and gas information. The Chapman Update Report reflects certain material changes to the Corporation's proven, probable and possible reserves and to the Corporation's net present value of future net revenue as reported in its December 31, 2008 Statement of Reserves Data and other Oil and Gas Information (the "2008 NI 51-101 Statement") and result from the interpretation of newly reprocessed 3D seismic data over the Umusadege field incorporating the results of testing and initial production from the UMU-5 well.
The Chapman Update Report, effective June 1, 2009, reflects an increase in the Corporation's gross total proved reserves (before deduction of royalties) from 1.9 million barrels of oil reported in the 2008 NI 51-101 Statement to 4.8 million barrels. This increase results principally from the inclusion of additional reservoir zones in the proven category as a result of the UMU-5 well. The Corporation's gross total proved plus probable reserves (before deduction of royalties) decreased slightly from 22.8 million barrels of oil reported in the 2008 NI 51-101 Statement to 22.4 million barrels of oil. The Corporation's gross proved plus probable plus possible reserves decreased from 54.2 million barrels of oil reported in the 2008 NI 51-101 Statement to 46.0 million barrels of oil. This decrease results from a reduction in the area of closure for the main structural accumulation of the Umusadege field compared to the area of closure used in the preparation of the 2008 NI 51-101 Statement.
A summary of the Corporation's updated reserves and net present value of future net revenue dated effective June 1, 2009 in the form prescribed in NI 51-101F1 is set out in a Material Change Report filed at www.sedar.com.
About Mart Resources:
Mart Resources Inc. (TSX VENTURE:MMT) is an independent, international petroleum company focused on drilling, developing and producing oil and gas from low-risk proven petroleum properties in Africa. The Company owns two drilling rigs, has strong local relationships and has formed joint venture partnerships with indigenous operators in Nigeria. Mart has acquired interests in and begun development of three onshore Nigerian oil fields.
Certain statements in this Press Release constitute forward-looking statements under applicable securities legislation. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Forward-looking statements in this press release include but are not limited to references, whether express or implied, to proved, probable and possible oil, natural gas and natural gas liquids reserves and to production levels from such reserves. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels and timing of activity and achievements to differ materially from those expressed or implied by such information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mart Resources, Inc.
London # +44 207 953 4090
Mart Resources, Inc.
Calgary # (403) 270-1841