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Mart Announces Termination of Arrangement Agreement and Repayment of US$3.5 Million Bridge Loan -

CALGARY, ALBERTA, Nov 2, 2009 (Marketwire via COMTEX) --

Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") announces that it has terminated the Arrangement Agreement with Westfield Exploration and Production Limited and its wholly owned Canadian subsidiary, Westfield Oil Holding Limited (collectively, the "Purchaser") due to the Purchaser's failure to tender the cash consideration payable for Mart's common shares as prescribed in the Arrangement Agreement. Mart also confirms that it has repaid the outstanding principal amount of the US$3.5 million convertible bridge loan advanced to Mart in late May and early June 2009. Mart has instructed Computershare Trust Company of Canada, its registrar and transfer agent, to return to securityholders any Mart securities that were previously delivered to Computershare in anticipation of the closing of the Arrangement.

Mart currently believes that it has adequate cash and ongoing oil production revenue to meet its operating costs and satisfy its scheduled bank debt repayment obligations. Mart is also currently finalizing a schedule for the orderly repayment of its trade payables.

As a consequence of the Arrangement not proceeding, the Board of Directors of Mart has initiated a strategic review based upon Mart's current financial position and ongoing operations to enhance shareholder value.

About Mart Resources:

Mart is an independent international petroleum company focused on drilling, developing and producing oil and gas from low-risk proven petroleum properties in Africa. Mart and its partners currently have ongoing crude oil production from the Umusadege field in Nigeria.

Certain statements in this News Release may 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 Mart to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. 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.

SOURCE: Mart Resources, Inc.

Mart Resources, Inc. - London
David Parker
+44 207 953 4090
David.Parker@martresources.com
Mart Resources, Inc. - Calgary
David Halpin
(403) 270-1841
David.Halpin@martresources.com
www.martresources.com

Companies: Mart Resources, Inc. (MAUXF), Mart Resources, Inc. (MMT)

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Mart Resources, Inc. Calls Meeting of Securityholders to Approve Arrangement - Zibb.com

CALGARY, ALBERTA, Sep 1, 2009 (Marketwire via COMTEX) --

Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart") announces that it has received an interim order from the Alberta Court of Queen's Bench authorizing the holding of a meeting (the "Meeting") of holders of Mart shares, warrants and options to approve the previously announced arrangement agreement (the "Arrangement Agreement") for the sale of all of the issued and outstanding securities of Mart to Westfield Exploration and Production Limited (the "Purchaser"), a private African Company and a wholly owned indirect subsidiary of Westoil Limited. The meeting of Mart securityholders is scheduled for September 25, 2009. Full details of the Meeting are set out in a management information circular being mailed this week to Mart securityholders.

Under the terms of the Arrangement Agreement, the Purchaser has agreed, subject to the satisfaction of certain conditions, to acquire all of the issued and outstanding securities of Mart by way of a plan of arrangement under the provisions of the Business Corporations Act (Alberta) (the "Arrangement"). Under the terms of the Arrangement, holders of outstanding common shares of Mart ("Mart Shares") are to receive C$0.14 per Mart Share; holders of outstanding purchase warrants to acquire Mart Shares ("Purchase Warrants") are to receive C$0.005 per Purchase Warrant and holders of outstanding broker warrants to acquire Mart Shares ("Broker Warrants") are to receive C$0.001 per Broker Warrant; and all options to acquire Mart Shares are to be cancelled without payment of any consideration.

The Arrangement is subject to the approval of 66 2/3% of the votes cast by Mart shareholders and 66 2/3% of the votes cast by Mart securityholders (being shareholders, option holders and holders of Purchase Warrants and Broker Warrants), voting together as a single class. Closing of the Arrangement is subject to certain other conditions, including Alberta court and regulatory approvals. Subject to receipt of all requisite approvals, including securityholder approval, the Arrangement is expected to close shortly after the Meeting.

About Mart Resources:

Mart Resources Inc. 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.

Additional information regarding Mart Resources, Inc. is available on the company's website at www.martresources.com.

Certain statements in this News Release may constitute forward-looking statements under applicable securities legislation including statements regarding the timing of the Arrangement and securityholder meeting. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mart to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. 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.

SOURCE: Mart Resources, Inc.

Mart Resources, Inc.
David Parker
London # +44 207 953 4090
Email: David.Parker@martresources.com
Mart Resources, Inc.
David Halpin
Calgary # (403) 270-1841
Emai: David.Halpin@martresources.com
Website: www.martresources.com

Companies: Mart Resources, Inc. (MAUXF), Mart Resources, Inc. (MMT)

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Mart Updates Status of Arrangement Closing - Zibb.com

CALGARY, ALBERTA, Oct 8, 2009 (Marketwire via COMTEX) --

Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart") announces that Westfield Exploration and Development Limited ("Westfield") and its wholly owned Canadian subsidiary, Westfield Oil Holding Limited ("WOHL") have requested an extension to complete the Arrangement previously approved by Mart securityholders on September 25, 2009. While Mart has not agreed to an extension, it has advised Westfield and WOHL that under the existing terms of the Arrangement Agreement, Westfield and WOHL have until October 30, 2009 to complete the transaction following which Mart has the right to terminate without further notice.

Further updates will be provided as developments require.

Additional Information:

Additional information regarding Mart Resources, Inc. is available on the company's website at www.martresources.com.

Certain statements in this News Release may constitute forward-looking statements under applicable securities legislation including statements regarding the timing of the payment of the consideration of the Mart shares and the closing of the Arrangement. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mart to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. 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.

SOURCE: Mart Resources, Inc.

Mart Resources, Inc. - London
David Parker
+44 207 953 4090
Email: David.Parker@martresources.com
Mart Resources, Inc. - Calgary
David Halpin
(403) 270-1841
Email: David.Halpin@martresources.com
Website: www.martresources.com

Companies: Mart Resources, Inc. (MAUXF), Mart Resources, Inc. (MMT)

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Mart Resources, Inc. Updates Arrangement Transaction Status - Zibb.com

CALGARY, ALBERTA, Sep 21, 2009 (Marketwire via COMTEX) --

Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart") announces that it has agreed with Westfield Exploration and Production Limited and its wholly owned Canadian subsidiary, Westfield Oil Holding Limited (collectively, the "Purchaser"), to extend the deadline set out in the Arrangement Agreement for the payment of the cash consideration for Mart's common shares to Computershare Investor Services Inc., (the "Depositary") from September 18, 2009 to Wednesday, September 23, 2009. The maturity date of the US$3.5 million convertible note previously issued by Mart to Westoil Limited has also been extended from September 30 to October 31, 2009.

The Purchaser has reconfirmed its continuing commitment to close the Arrangement transaction as set out in the Arrangement Agreement but has noted that in order to complete wire transfer arrangements, additional time is required to deposit the purchase price for the Mart shares with the Depositary. The cash consideration for the outstanding purchase warrants and outstanding broker warrants has been provided to the Depositary.

Mart confirms that the meeting of Mart securityholders continues to be scheduled for September 25, 2009. Assuming requisite securityholder approval, an application for a final order from the Court of Queens Bench of Alberta approving the Arrangement will also be made on September 25, 2009. The Arrangement is scheduled to close on September 28, 2009. Full details of the Arrangement are set out in the Information Circular provided to all Mart securityholders, a copy of which is also available at www.sedar.com.

About Mart Resources:

Additional information regarding Mart Resources, Inc. is available on the company's website at www.martresources.com.

Certain statements in this News Release may constitute forward-looking statements under applicable securities legislation including statements regarding the timing of the payment of the consideration of the Mart shares, the closing of the Arrangement and securityholder meeting. Such forward-looking statements involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mart to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. 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.

SOURCE: Mart Resources, Inc.

Mart Resources, Inc.
David Parker
London # +44 207 953 4090
Email: David.Parker@martresources.com
Mart Resources, Inc.
David Halpin
Calgary # (403) 270-1841
Email: David.Halpin@martresources.com
Website: www.martresources.com

Companies: Mart Resources, Inc. (MAUXF), Mart Resources, Inc. (MMT)

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IDEAS International News

The Qua Ibo Oil Field is located onshore in Nigeria’s Niger Delta region and was awarded to Network under the Nigerian Government’s marginal field allocation program.

http://www.ideasintl.com/news/Articles/MartResources.htm