Mr. Wade Cherwayko reports

MART RESOURCES, INC.: OPERATIONS AND PRODUCTION UPDATE

Mart Resources Inc. and its co-venturers, Midwestern Oil and Gas Company Ltd. and SunTrust Oil Company Ltd., are providing the following updates on Umusadege field production for November, 2014, and other operations.

Highlights:

• Umusadege field production averaged 10,194 barrels of oil per day during November, 2014, based on calendar days; average field production based on production days was 12,554 bopd during November, 2014.
• Umusadege field net deliveries into the Nigerian Agip Oil Company Ltd. export pipeline were approximately 294,617 barrels of oil in November, 2014, before pipeline losses and approximately 237,616 bbl after deducting pipeline and export facility losses estimated by Mart for November, 2014, based upon the 12-month rolling average rate of actual pipeline and export facility losses.
• NAOC export pipeline and facility losses reported and allocated to Mart and its co-venturers for October, 2014, were 53,488 bbl, or 17.9 per cent of total crude oil deliveries into the export pipeline.
• Aggregate downtime during November, 2014, totalled approximately 5.5 days.
• Oil delivery through the Umugini pipeline into the Trans Forcados export pipeline began on Dec. 3, 2014, and volumes are being gradually increased. The combined delivery of oil from the Umusadege field through the Umugini pipeline and NAOC export pipeline reached record volumes of approximately 23,000 bopd in the middle of December, 2014.
• The completion program and production testing operations on the UMU-13 well are continuing and will continue through December, 2014.

November, 2014, production update

Umusadege field production during November, 2014, averaged 10,194 bopd. Aggregate Umusadege field downtime during November, 2014, was approximately 5.5 days due to a combination of shutdowns of the NAOC export pipeline resulting from operational interruptions, including general pipeline repairs and maintenance, and activities connected to the testing of the Umugini pipeline that required periodic interruptions to production and injection of crude oil into the NAOC export pipeline. There was one full down day during the month. The average field production based on producing days was 12,554 bopd in November, 2014.

Total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for November, 2014, were approximately 294,617 bbl before pipeline losses. Based upon the 12-month rolling average rate of pipeline and export facility losses from November, 2013, to October, 2014, of 19.35 per cent, Mart estimates NAOC pipeline and Brass River export facility losses for November, 2014, will be approximately 57,001 bbl. Using this estimated pipeline and export facility loss volume, Mart estimates that the total net crude deliveries into the NAOC export pipeline from the Umusadege field for November, 2014, less estimated pipeline losses will be 237,616 bbl.

NAOC pipeline and export facility losses reported by NAOC and allocated to Mart and its co-venturers for October, 2014, were 53,488 bbl, or 17.9 per cent of total crude oil deliveries into the export pipeline for that month. NAOC pipeline and export facility losses allocated to Mart and its co-venturers by NAOC from January to October, 2014, have averaged 18.0 per cent of total crude oil deliveries into the export pipeline for 2014.

As previously announced, total net crude oil deliveries into the NAOC export pipeline from the Umusadege field for October, 2014, were approximately 298,185 bbl. Accordingly, after deducting the actual NAOC pipeline and export facility losses allocated for October, 2014, the total net crude oil deliveries less losses for October, 2014, were 244,697 bbl. Mart previously estimated pipeline and export facility losses for October, 2014, to be approximately 62,481 bbl, based upon the 12-month rolling average rate of pipeline and export facility losses of 20.95 per cent between October, 2013, and September, 2014. November, 2014, NOAC pipeline and export facility losses have not yet been reported by NAOC.

Umugini pipeline update

Oil flow commenced on Dec. 3, 2014, through the 51-kilometre-long Umugini pipeline and into the Trans Forcados crude oil export pipeline system that connects to the Forcados oil export terminal. The commencement of continuous oil injections from the 12-inch Umugini pipeline to the Trans Forcados export pipeline followed the completion of pipeline tie-in at the Eriemu flow station and other start-up activities including line fill. Mart holds an effective 15-per-cent interest in Umugini Asset Company Ltd., which is the owner of the Umugini pipeline.

The volume of oil being delivered through the Umugini pipeline into the Trans Forcados pipeline is being gradually increased, and in the middle of December, 2014, combined delivery of oil from the Umusadege field through the Umugini pipeline and NAOC export pipeline reached record gross volumes of approximately 23,000 bopd. The nomination, loading and sale of oil from the Umusadege field transported through the Umugini pipeline and Trans Forcados export pipeline are expected to commence in the next 20 days.

UMU-13 well testing update

The completion program and production testing operations on the UMU-13 well are continuing and will continue through December, 2014.

Additional information regarding Mart is available on the company's website and under the company's profile on SEDAR.

Except where expressly stated otherwise, all production figures set out in this press release, including bopd, reflect gross Umusadege field production rather than production attributable to Mart. Mart's share of total gross production before taxes and royalties from the Umusadege field fluctuates between 82.5 per cent (before capital cost recovery) and 50 per cent (after capital cost recovery).

We seek Safe Harbor.