Default Status Report- Management Cease Trade Order
posted on Jun 24, 2009 09:18PM
An independent oil & gas company focussing on bringing African oil fields into production that are proven but have not yet been developed.
CALGARY, ALBERTA--(Marketwire - June 24, 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 or the default status reports dated May 13, May 26 and June 10, 2009 other than that the Corporation has not filed its first quarter financial statements for the three month period ended March 31, 2009 and which were due for filing on June 1, 2009. The Corporation and its auditors are continuing in the process of completing the Corporation's audit. Mart expects to file its 2008 Annual Audited Financial Statements and its March 31, 2009 unaudited 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.
Certain statements in this Press Release may constitute forward-looking statements under applicable securities legislation. Such forward-looking statements involve 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. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels and timing of activity and achievements to differ materially from those expressed or implied by such information.
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.