RE: RE: Follow Up
In the Management Discussion & Analysis For INTERIM REPORT,
JUNE 30, 2005 posted at Sedar on 8-29-2005 the following corporate action was described:
On July 12, 2005 Mart announced the signing of a legally binding Heads of Agreement with
Midwestern Oil & Gas Company PLC that grants Mart the right to participate with Midwestern in
the development of the Umusadage Oil Field. The Heads of Agreement contains all of the key
commercial terms that will be incorporated into a detailed Finance & Service Agreement very
shortly. The Umusadage Oil Field is located onshore in Nigeria’s Niger Delta region and was
awarded to Midwestern and Suntrust Limited under the Nigerian Government’s marginal field
allocation program.