Mart Resources Inc (MAUXF)

[endub]

Rig damaged...

I had missed this news. It and the Nigeria unrest must have created the downward pressure before today's reserve report, which also has caused selling for whatever reason...

1) The workover rig was working on a 3rd party well and 2) it was insured....so i dont see this as being a huge event in the end...however, it will take a long time to replace it given current rig availbility and demand

Rig details... http://www.nrgdrilling-ng.com/Rig101.php

CALGARY, ALBERTA--(Marketwire - April 27, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "Mart" or the "Company") advises that its NRG 101 service rig suffered significant damage by a fire while performing work-over operations in Nigeria on an unrelated third party well. The rig is owned by a Mart subsidiary. Mart has been advised that there were no fatalities associated with the incident, however some workers suffered first and second degree burns. Mart is doing its utmost to ensure the injured workers receive the appropriate medical attention. The Company is currently assessing the incident and the damage to the NRG 101 service rig and associated equipment and installations. The insurer has been notified of the incident.

The incident on the NRG 101 service rig does not in any way impact ongoing testing of the UMU-7 well or operations on the Umusadege field. Testing operations on the UMU-7 well are being conducted by Mart's NRG 201 rig. Additional testing results from the UMU-7 well are expected to be announced shortly.

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 Nigeria, West Africa. The Company is currently producing and developing the Umusadege field along with Midwestern Oil and Gas Co. Plc (the Operator of the field) and SunTrust Oil Ltd. Mart also owns two land drilling rigs, has strong local relationships and experience and is evaluating additional proven undeveloped opportunities in Nigeria.

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

Forward Looking Statements

Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Such forward looking statements involve known and unknown 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.

There can be no assurance that such forward-looking statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.