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Default Status Report- Management Cease Trade Order
May 13, 2009 01:15PM
May 13, 2009
Mart Resources Inc.: Default Status Report- Management Cease Trade Order
CALGARY, ALBERTA--(Marketwire - May 13, 2009) - Mart Resources, Inc. (TSX VENTURE:MMT) ("Mart" or the "Corporation") takes this opportunity to provide a Default Status Report in respect of the management cease trade order ("MCTO") requested by the Corporation and issued by the Alberta Securities Commission on May 1, 2009. The MCTO applies to the Corporation's Chief Executive Officer and Chief Financial Officer and arises out of Mart's inability to file its annual financial statements, management's discussion and analysis and CEO and CFO certificates (collectively, the "2008 Annual Financial Statements") by the filing deadline of April 30, 2009 as prescribed by National Instrument 51-102 - Continuous Disclosure Obligations.
Pursuant to the requirements of Section 4.4 of National Policy 12-203 - Alternative Information Guidelines (the "Guidelines"), the Corporation reports as follows:
1. There have been no material changes to the information contained in the original default notice dated April 30, 2009 except that the Corporation has now been able to secure much of the required critical information from Nigerian third parties and accordingly, Mart's auditors are in the process of completing the Corporation's audit. Mart expects to file its 2008 Annual Audited Financial Statements on or before June 30, 2009.
2. There have been no failures with respect to the Corporation fulfilling its stated intention of satisfying the requirements of the Guidelines.
3. There has not been, nor is there anticipated to be, any specified default subsequent to the default which is the subject of the Default Notice.
4. There is no other material information about the affairs of the Corporation that has not otherwise been reported.
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.