The objective of the present work was to improve data acquisition and quantification of first pass perfusion imaging in the in-vivo murine heart. Undersampled data were acquired and reconstructed using k-t SPARSE. A two-compartment exchange model was employed to provide an additional characterization of myocardial tissue based on compartment volumes and the permeability surface area product. The feasibility of the proposed method was tested using perfusions analysis of first-pass perfusion data acquired with extracellular and intravascular contrast agents in mice. The results presented here show that two-compartment exchange modelling in the in-vivo murine heart is feasible and gives access to tissue parameters beyond myocardial blood flow.