CALGARY, ALBERTA--(Marketwire - Oct. 23, 2008) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Company") announces that further to its September 30, 2008 press release it has restated its June 30, 2008 Unaudited Consolidated Financial Statements, amended the June 30, 2008 Management's Discussion & Analysis ("MD&A") and re-filed these documents on SEDAR. The Company identified and corrected errors in the accounting treatment associated with the conversion and extinguishment of Mart's convertible notes. As previously disclosed, this conversion took place on May 20, 2008. Upon further review of the complex and unique nature of this transaction, Mart determined that the accounting for the extinguishment of the convertible notes and classification of the components of the transaction were not appropriately and correctly reported. The revised accounting treatment resulted in a $351,343 increase to the net loss and comprehensive loss previously reported in the Interim Financial Statements and increased the net loss and comprehensive loss for the six months ended June 30, 2008 to $7.4 million. The effect of this accounting treatment also increased the Share capital balance by $4.6 million to $146.6 million as at June 30, 2008 versus amounts previously reported, offset by an equivalent $4.6 million increase to the Deficit account to $70.8 million versus the amounts previously reported. The net financial impact to the Company's Shareholders' Equity position at the end of the second quarter was to reduce it by $351,343 to $83.7 million from $84.1 million previously reported. Cash used in operating activities remains unchanged.
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. Based on these factors Mart has successfully acquired interests in and begun development of a portfolio of three on-shore Nigerian oil fields. Mart's first oil production commenced in April 2008 from the Umusadege field.The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the release.