Marksmen Energy Inc.: Operations Update
CALGARY, ALBERTA--(Marketwired - Apr 21, 2015) - Marksmen Energy Inc. (TSX VENTURE:MAH)(OTCQB:MKSEF) ("Marksmen" or the "Company") announces the following operational updates.
Marksmen is continuing work with its joint venture partner, Houghton Investments LLC, on the completion of the water injection facility located at BJ-78 #6. Marksmen has advanced 100% of funds to complete the water disposal well. The well is licensed, the surface lease has been prepared and tanks and pumps are scheduled for delivery and installation in the next two to three weeks. The Company anticipates the facility to be fully operational by mid-May. This facility will allow Marksmen to process water from all of the Company's wells, and thereby is expected to significantly reducing our operating costs on each well. The disposal well is a very important step in the on-going optimization work associated with all of Marksmen's wells. Under the terms of the amended operating agreement, Houghton Investments will operate the well and charge Marksmen for operating costs of the facility.
Marksmen has applied to the State of Ohio to become an operator. As an operator, Marksmen will have significantly more control over all facets of drilling, completion, tie-in and operating of the Company's wells in a manner that is in the best interest of the Company and its joint interest partners.
Marksmen has entered into a seismic acquisition agreement with a third party, to undertake a joint 3D seismic acquisition program of approximately 4.4 square miles. Marksmen share will be approximately 43 percent or 1.88 square miles bringing our total of 3D seismic to 6.88 square miles. As per the agreement, the third party has advanced to Marksmen their portion of the acquisition costs. In turn, Marksmen has contracted with Bay Geophysical to complete the 3D seismic acquisition program. Survey work is planned to begin immediately followed by the seismic acquisition. It is anticipated that the seismic work will be completed within three weeks with interpretation of the data to follow shortly thereafter. Marksmen anticipates the new seismic program will add additional drilling targets in the Cambrian Knox formation to those already drilled or outlined in our 2014 Seismic program.
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 statements regarding the completion and efficiency of the water disposal well, becoming an operator in Ohio, and the completion of the 3D seismic acquisition. 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.
