Mart Resources, Inc. Announces Update to Corporate Sale Transaction and Receipt of Default Notices

CALGARY, ALBERTA--(Marketwire - Aug. 17, 2009) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart") announces the following update to its previous news release of May 27, 2009, which announced the signing of a Letter of Intent between Mart and a private African oil and gas company (the "Purchaser") with respect to the sale of all the outstanding common shares of Mart to the Purchaser (the "Corporate Transaction").

Mart is continuing to work with the Purchaser to finalize the definitive transaction documents in respect of the Corporate Transaction. The Corporate Transaction is expected to be carried out by way of a plan of arrangement under the provisions of the Business Corporations Act (Alberta). The closing of the Corporate Transaction, which will be subject to the satisfaction of numerous conditions including certain conditions in favour of the Purchaser, the approval of Mart securityholders and the approval of the Alberta courts, is now expected to occur in late September 2009.

A notice of meeting and management information circular in respect of a meeting of Mart security holders expected to be held in late September and providing full details of the Corporate Transaction is expected to be mailed to Mart securityholders in early September 2009. Mart intends to issue a supplemental press release when the definitive transaction documents have been finalized and executed.

RECEIPT OF DEFAULT NOTICES

Mart announces the following update on its activities in Nigeria:

At the Qua Ibo Field, Mart's indirect wholly owned subsidiary, Mart Qua Ibo Resources Nigeria Limited ("Mart Qua Ibo"), has received a default notice from its partner Network Exploration & Production Limited. The default notice purports that Mart Qua Ibo has failed to furnish evidence of financial sufficiency with respect to the approved work program and budget for the third quarter of 2009 and states that Mart Qua Ibo has until October 19, 2009 to remedy the alleged default.

At the Ke Field, Mart's indirect wholly owned subsidiary, Mart Ke Resources Limited ("Mart Ke") has received a default notice from its partner Del-Sigma Petroleum Nigeria Limited. The default notice purports that Mart Ke has failed to pay certain cash calls in relation to site preparation work at the Ke field site and states that Mart Ke has until September 11, 2009, to remedy the alleged default. The default notice further purports that Del-Sigma may terminate the Finance and Production Sharing Agreement between Mart Ke and Del-Sigma if the default is not remedied.

The Purchaser has been informed of these default notices as part of its due diligence and the ongoing negotiation of the Corporate Transaction documents.

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 mailing of the information circular, securityholder meeting and closing of the corporate sale transaction. Such forward-looking statements are based upon certain assumptions of Mart, which include assumptions regarding the timing and negotiation of the definitive transaction documents, the delivery of proxy materials to securityholders and the date of the meeting of securityholders for the purposes of approving the transaction and receipt of court and other regulatory approval of the transaction. 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.