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Mart Announces Financial and Operating Results for the Three Months Ended March 31, 2011, Operations Update and Webcast Details for Annual General Meeting on 29th June 2011

CALGARY, ALBERTA--(Marketwire - June 29, 2011) - Mart Resources, Inc. (TSX VENTURE:MMT - News; "Mart" or the "Company") is pleased to announce its interim financial and operating results for the three months ended March 31 2011 ("Q111") (all amounts in Canadian dollars unless noted) and the following operational update on the UMU-8 well and production:HIGHLIGHTS: QUARTER ENDED MARCH 31, 2011

-- $9.8 million total comprehensive income for the period Q111 compared to
$4.2 million in the first quarter 2010 ("Q110").

-- 29% Increase in total revenue of $27.0 million Q111 compared to $21.0
million in Q110.

-- 61% Increase in cash flow from operating activities, $8.8 million in
Q111 compared to $5.6 million in Q110.

-- Funds flow from production operations of $23.9 million in Q111 compared
to $6.7 million in Q410 and $17.7 million in Q110 (please see Note (1)

-- Total bank indebtedness reduced to $4.1 million on March 31, 2011
compared to $10.4 million on March 31, 2010.

-- Mart's share of Umusadege field oil production for Q111 was 332,890
barrels ("bbls") compared to 277,052 bbls in Q110.

-- The average price received for Umusadege oil in Q111 was USD $95.94 per
barrel (approximately CDN $94.62 per barrel) compared to USD $76.50 (CDN
$79.06) for Q110.

-- The deficit oil liability at December 31, 2010 was fully repaid during

-- Mart commenced drilling operations on the UMU-7 well in February 2011,
reached total depth in mid-March 2011, and placed well on production in
early May 2011.

-- During Q111, the Umusadege field was shut-in for a total of 17.7 days,
with 7.7 days being required to allow rig skidding and completion
operations necessary for the ongoing drilling program and the balance of
10 days due to disruptions in the export pipeline.

FINANCIAL AND OPERATING RESULTS:The following table provides a summary of Mart's selected financial and operating results for the three months ended March 31, 2011 and 2010, and the twelve months ended December 31, 2010:

3 months ended 3 months ended 12 months ended
(CDN$) Mar. 31, 2011 Mar. 31, 2010 Dec. 31, 2010
Mart's share of the
Umusadege Field

Barrels of oil produced 332,890 277,052 732,101

Average sales price per
barrel $94.62 79.06 84.10

Mart's percentage share of
total Umusadege oil
produced during the period 61% 80% 66%

Mart's share of petroleum
sales after royalties $27,257,908 20,250,230 56,524,797

Funds flow from production
operations (1) $23,948,318 17,770,651 48,235,615

Funds flow from production
operations per share

Basic $0.072 0.053 0.144

Diluted $0.070 0.053 0.142

Total comprehensive income $9,805,556 4,176,814 14,046,437

Per share - basic $0.033 0.012 0.042

Per share - diluted $0.032 0.012 0.041

Total assets $131,020,971 78,608,573 128,849,113

Total bank debt $4,139,935 10,358,712 5,627,778

Shares outstanding - end of

Basic 336,048,202 335,548,201 335,548,201

Diluted 344,059,761 335,548,201 340,232,766

(1) Indicates non- IFRS measures. Non- IFRS measures are informative
measures commonly used in and gas industry. Such measures do not conform to
IFRS and may not be comparable to those reported by other companies nor
should they be viewed as an alternative to other measures of financial
performance calculated in accordance with IFRS. For the purposes of this
table, the Company defines "Funds flow from production operations" as net
petroleum sales less royalties, community development costs and production
costs. Funds flow from production operations is intended to give a
comparative indication of the Company's net petroleum sales less production
costs as shown in the following table:

3 months ended 3 months ended 12 months ended
(CDN$) Mar. 31, 2011 Mar. 31, 2010 Dec. 31, 2010
Petroleum sales 30,139,109 21,903,139 61,549,645
Less: Royalties and
development costs 3,160,089 1,652,909 5,024,848
Net petroleum sales 26,979,020 20,250,230 56,524,797
Less: Production costs 3,030,702 3,032,551 8,289,182
Funds flow from production
operations 23,948,318 17,770,651 48,235,615

OUTLOOK AND OPERATIONS UPDATE:The Company is continuing to develop oil reserves from the Umusadege field. As at December 31, 2010 the Umusadege field had proved and probable reserves of 23.6 million bbls, of which Mart's gross share is 12.9 million bbls. These reserves, and the recent successful drilling of UMU-7 well, justify further development drilling on the Umusadege field, the cost of which is expected to be funded with cash flows generated from the Umusadege field and, to the extent necessary, debt facilities.The UMU-8 well commenced drilling operations on June 9, 2011 and is currently drilling ahead at approximately 5,000 feet. The UMU-8 well is being directionally drilled from the same three-slot drilling pad as the recently drilled and completed UMU-6 and UMU-7 wells.Umusadege field deliveries in May 2011 averaged 10,525 bopd, however the operator of the export pipeline recently restricted deliveries pending finalization of contractual terms for transportation of production. The Umusadege field delivered an average of 8,275 bopd for the period June 1 - 28, 2011. Mart's management anticipates that once the contractual terms for transportation of production are finalized, the Umusadege field will be allocated sufficient export pipeline capacity to accommodate production from the existing UMU-1, UMU-5, UMU-6 wells and the UMU-7 well. Increases in export production capacity are also anticipated to accommodate future production from the UMU-8 well. Pipeline capacity may be apportioned among the shippers and therefore the Umusadege field rate of production may be subject to periodic adjustment.Mart's share of petroleum production varies from time to time depending upon whether Mart is in a cost recovery period or a post-cost recovery period. Mart moves in and out of cost recovery periods depending upon the level of activity underway at any given time. During a cost recovery period, Mart is restricted to a maximum of 82.5% of production revenues and, once Mart has recovered all of its capital costs, all production revenues remaining after deduction of royalties, income taxes, community development contributions, operating costs and abandonment obligations are shared 50% to Mart and 50% to its co-venturers. As a result of the Company moving in and out of capital cost recovery during the quarter, Mart's share of revenue was an average of 61% for Q111 compared to an average of 80% in Q110 and 76% in Q410.During the months of April and May 2011, the Umusadege field was shut down for 4.3 aggregate days for rig skidding to the UMU-8 location and testing and production facility modifications in relation to the UMU-7 well and other maintenance requirements. During the period June 1 - 28, 2011 the Umusadege field experienced one day of production shut down due to UMU-8 operational activities with no shut down of exports during this period.To mitigate risks relating to export pipeline capacity, Mart and its co-venturers are evaluating new pipeline and export options to provide an alternative for future production capacity. The upgrade of the central production facility at the Umusadege field to a design capacity of approximately 30,000 bopd is approximately 50% completed.A second three-slot drilling pad was constructed and is located south east of the UMU-6, 7, 8 drilling pad. It is anticipated that the NRG Rig 201 will move to this second pad after drilling and testing of the UMU-8 well is completed and drilling operations will commence on the UMU-9 well. Two additional wells may be drilled from the UMU-9 pad.CHAIRMAN'S COMMENT:Wade Cherwayko, Chairman & CEO of Mart Resources, Inc. said, "With $27 million in revenue after royalties from three producing wells during the first quarter of 2011, the Umusadege field continues to demonstrate its production capacity. The fourth producing well, UMU-7, went on production in May 2011. With the UMU-8 well close to reaching target depth, Mart is well placed to see further increases in production and in cash flow in the near term."ANNUAL GENERAL MEETING WEBCAST:Mart's Annual General Meeting ("AGM") will be webcast from Calgary, Alberta, Canada at 2:00 pm (MST) on the 29th June 2011 for shareholders and others who are unable to attend the meeting. To listen to the AGM and view the presentation to be provided at the meeting, please visit the Company's website at www.martresources.com and connect using the link under Corporate Presentations on the Home Page. The webcast will also be available on the Company's website for a period of time following the AGM.ABOUT MART RESOURCES:Mart Resources Inc. is an independent, international petroleum company focused on drilling, developing and producing oil and gas from 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.INVESTOR RELATIONS:Investors are also welcome to contact one of the following investor relation's specialists for all corporate updates and investor inquiries:

FronTier Consulting Ltd.

Mart toll free # 1-888-875-7485
Attn: Sam Grier
Caleb Gilani

Email: inquiries@martresources.com

Note: 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% (before capital cost recovery) and 50% (after capital cost recovery).Forward Looking StatementsCertain 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.In particular, statements (express or implied) contained herein or in Mart's MD&A regarding the following should be considered forward-looking statements: the Company's goals and growth strategy, estimates of reserves and future net revenues, exploration and development activities in respect of the Umusadege field, the Company's ability to finance its drilling and development plans with cash flows from operations, the ability of the Company to successfully drill and complete future wells, the ability of the Company to commercially produce, transport and sell oil from the Umusadege field, future anticipated production rates, export pipeline capacity available to the Company, the expectation of the Company that production and export pipeline disruptions will not have a lasting impact on the Company's future production, timing of completion of the Company's upgrading of the central production facility, the construction and completion of an alternative export pipeline, the acceptance of the Company's tax filings by the Nigerian taxing authorities, treatment under government regulatory regimes including royalty and tax laws, projections of market prices and costs, supply and demand for oil, timing for receipt of government approvals, the absence of amendments to the FPSAs (as defined herein) in respect of the Umusadege field, discussions regarding the impact of the adoption of IFRS (as defined herein) on the Company's financial statements and its abilities to implement IFRS and the ability of the Company to satisfy its current and future financial obligations to its banks and other creditors.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. This cautionary statement expressly qualifies the forward-looking statements contained herein.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.