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Mart Resources Provides UMU-10 Well Testing, Umusadege Operational Update

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Mart Resources, Inc. (MMT.V)and its co-venturers, Midwestern Oil and Gas Company Plc. and SunTrust Oil Company Limited, today announced additional flow rate test results for the UMU-10 well, and provided an update on Umusadege field operations and progress on the new export pipeline.

Highlights:

- From the three sands tested to date, the UMU-10 well has produced at a combined rate of 5,019 barrels of oil per day from the XXI, XVIIa, and XVIIb oil sands, and 609 barrels of condensate per day from the XVIIIa gas/condensate sand.

- 3,076 bopd stabilized flow rate achieved during maximum efficient rate testing from the XVIIa & XVIIb oil sands (commingled) on a 32/64 choke.

- 609 barrels per day of condensate, and 4.26 million cubic feet per day of gas stabilized flow rates achieved during MER testing from the XVIIIa gas sand on a restricted 20/64 choke.

- The rig has now been skidded to the last drill slot on the pad and the rig is being set up and upgraded to prepare for the UMU-11 well. It is anticipated that the UMU-11 well will spud during March 2013 to develop previously appraised oil reservoirs.

- Midwestern Oil plans to return to the UMU-10 well to carry out testing operations on the two remaining untested oil zones following the drilling of UMU-11.

- The construction contract for the Umugini pipeline has been awarded, and it is anticipated that ditching operations will commence shortly.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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