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MARKSMEN ANNOUNCES DRILLING PROGRAM UPDATE

·3 min read
Marksmen Energy
Marksmen Energy

CALGARY, ALBERTA, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSXV: MAH) is pleased to announce the following update to its drilling program:

Portage County, Ohio - Marksmen and its working interest partner, PEP Drilling LLC (“PEP”), have successfully recompleted the Clinton Sandstone zone of the Reese #1 well. Marksmen managed the recompletion project and will pay 100% of the capital costs to earn an 80% working interest. The well has been completed on or below budget.

All surface equipment including a natural gas sales line, production tanks and pumpjack are now fully operational. The well is on production and is behaving as expected. The previously injected completion water is currently being pumped from the formation. As this water is removed the natural gas and oil production is beginning to increase. It is too early to predict the stabilized daily volumes of natural gas and oil, but the Company is pleased with the early indications.

Pickaway County, Ohio – Marksmen, as part of its continuing agreement with its long-term partner, Houghton Investments LLC (“Houghton”) is in the process of drilling four additional Cambrian Knox offset wells, back-to-back.

The Holbrook Davis #1 well was spudded on August 25, 2022, and drilling of the well reached total depth on September 2, 2022. The well was logged and preliminary technical analysis and comparison to the Davis Holbrook #1 and Davis Holbrook #2 wells indicate the pay zones on the logs appear to be at similar depths and thicknesses. There were hydrocarbon shows while drilling. A service rig is scheduled for September 13, 2022, at which time the well will be perforated, acidized, and then swabbed. The well is planned to be tied into the existing battery and the Company’s water injection facility and is expected to be put on production on or around September 16, 2022.

The Holbrook Davis #2 well was spudded on September 7, 2022 and should reach total depth on or about September 14, 2022. The well will then be logged and cased, and it is expected to be completed immediately following the swabbing of the Holbrook Davis #1 well and then put on production on or before September 23, 2022.

The Davis Holbrook #1 and #2 wells paid out in under four months. The Davis Holbrook #1well was drilled in 2016 and has produced over 70,500 gross barrels to date.

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 drilling, testing and production of wells. 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.