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MARKSMEN ANNOUNCES UPDATE TO THE 2022 CAPITAL PROGRAM

Marksmen Energy
Marksmen Energy

CALGARY, ALBERTA, July 15, 2022 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSXV: MAH) is pleased to announce the following capital projects for the last half of 2022:

Portage County, Ohio – Joint Operating Agreement with PEP Drilling LLC (‘PEP’)
Marksmen and PEP have agreed to move forward under the terms of an original agreement dated October 2019 and revised in July 2022 to recomplete the next three wells in a program that could include up to 40 recompletion wells. In each well, the lower Rose Run formation will be plugged back and the higher Clinton Sandstone formation, which was previously bypassed, will be completed. Marksmen will pay 100% of the capital cost to earn an 80% working interest. PEP will be the operator of the wells and Marksmen will provide technical assistance as required. The service rig is scheduled to be available for the first well within two weeks and each well will take approximately ten days to complete and put on production. All the necessary rods, tubing, lift equipment, and tanks are currently in place.

The capital cost for each well recompletion is expected to be $185,000 USD and will be funded from existing cash on hand.

Additionally, the Company’s technical team is evaluating several Rose Run formation drilling opportunities that PEP has made available to joint venture with Marksmen. The new wells are adjacent to other Rose Run wells that have each produced and average of approximately 145,000 barrels of oil equivalent (‘boe’) of oil and associated natural gas, with some of these wells producing over 75,000 boe in the first year of production.

Pickaway County, Ohio – Joint Operating Agreement with Houghton Investments LLC (‘Houghton’)
Following the success of its two Davis Holbrook wells at Pickaway County, Marksmen, as previously announced in February of 2022, has an agreement with its long-term partner, Houghton Investments LLC (“Houghton”) to drill three additional Cambrian Knox Davis Holbrook offset wells. Marksmen will be the operator and Houghton will have the option prior to spudding of each well to participate from 10% to 25% as a working interest partner. Surveying has been completed and permits are in place. The drilling rig is contracted to Marksmen and is scheduled to arrive upon completion of its current drilling contract. Each well will take approximately one week from spud to production testing, and it is planned to drill the wells back-to-back. Surface equipment including tanks and pumpjacks, and water disposal lines, will be put in place shortly after drilling of each well and the wells will be put on production shortly thereafter.

Marksmen and Houghton also plan to drill a fourth well, under the same agreement, at the Walker-Sheets location, another Cambrian Knox remnant target delineated by Marksmen’s 3D seismic acquisition programs. Marksmen will also be the operator of this well and the working interest split will be 50% for Marksmen and 50% for Houghton.

The capital cost of each well to drill, complete, equip and tie-in is expected to be $350,000 USD. Marksmen expects to pay for its share of these wells from existing cash on hand, cash flow from operations, and proceeds from the exercise of warrants and/or a private placement.

Marksmen is also in the process of permitting three additional wells in Pickaway County offsetting an existing producing well delineated by our 3D seismic program, which was put on production in 2017. We anticipate drilling and completing these wells in the fall of 2022.

South-Central Ohio – Drilling opportunity
Marksmen is currently evaluating the feasibility of an exciting Cambrian Knox remnant development opportunity in south-central Ohio. The preliminary 2 D seismic outlines a large potential target but requires further technical evaluation and additional 2D or 3D seismic to develop a number of drilling locations. Marksmen is currently in the process of leasing acreage required for this development.

For additional information regarding this news release please contact Archie Nesbitt, Director, and CEO of the Company at (403) 265-7270 or e-mail ajnesbitt@marksmenenergy.com.

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 recompletion and/or drilling of wells, and evaluating the feasibility of new development opportunities. 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.