Marksmen Announces Joint Venture and Commencement of Drilling Operations
CALGARY, ALBERTA--(Marketwired - Jun 24, 2014) - Marksmen Energy Inc. ("Marksmen" or the "Company") (TSX VENTURE:MAH) is pleased to announce that on June 20, 2014 it entered into a joint venture agreement with Houghton Investments LLC (hereinafter "Houghton") whereby Marksmen will acquire a 50% working interest in a well on a lease of approximately 50 acres in Morrow County, Ohio, by paying 50% of the drilling and completion costs. In addition to the first well, Marksmen has an option to participate in a second well under the same terms and conditions.
The target is a Cambrian Knox formation that Houghton delineated by using three dimensional seismic technology.
On June 23, 2014, the rig moved onto location and has begun drilling operations. The well has a target depth of 3,400 feet. It is expected to take approximately two weeks to drill and complete.
The project area is located on the east central side of the Morrow County Cambrian Knox field that has cumulative production of 45,000,000 barrels of light oil (Ohio Geological Society). Individual well recoveries within portions of the field are reported as high as 500,000 barrels of oil (Society of Petroleum Engineers, Journal of Petroleum Technology).
Further information will be released as it becomes available.
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 this news release.
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company's drilling plans and operations. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Marksmen's disclosure documents on the SEDAR website at www.sedar.com. Marksmen does not undertake to update any forward-looking information except in accordance with applicable securities laws.
