Marksmen Releases Consolidated Financial Results for the Quarter Ended March 31, 2015 and Operational Update
CALGARY, ALBERTA--(Marketwired - Jun 1, 2015) - Marksmen Energy Inc. (TSX VENTURE:MAH)(OTCQB:MKSEF) ("Marksmen") and its wholly owned subsidiary Marksmen Energy USA, Inc. reports its consolidated financial results for the three months ended March 31, 2015. The interim financial statements and Management's Discussion & Analysis were filed June 1, 2015 and can be viewed on SEDAR at www.sedar.com.
Operational Update - Excerpts from MD&A
Water Disposal Facility - In the first quarter of 2015, Marksmen, through the Company's joint interest partner, began constructing a water disposal facility at the B-78 #6 well-site. The well has been permitted as an injection well, acidized and completed. Construction is now complete and the facility and disposal well have been flow tested and put on production in late May 2015. This facility will allow Marksmen to process water from all of the Company's wells, thereby eliminating third party water disposal fees and reducing the Company's operating costs on each well. The disposal well is the key component in the on-going optimization of all of Marksmen's wells. Under the terms of an addendum to the operating agreement with Houghton Investments, LLC, Houghton will operate the facility and charge Marksmen for operating costs only (not fees on a per barrel of water basis) and Marksmen will be the 100% owner of the facility.
3D Seismic Program - Marksmen entered into a seismic acquisition agreement with an arm's length third party to undertake a joint 3D seismic acquisition program of approximately 4.4 square miles. Marksmen's share will be approximately 43 percent or 1.88 square miles bringing the Company's total of 3D seismic to 6.88 square miles. Survey work commenced on April 22, 2015 and seismic acquisition and data interpretation was completed in late May of 2015. Preliminary interpretation results indicate a potential of nine additional drilling targets in the Cambrian Knox formation to those already drilled or outlined in the Company's 2014 Seismic program.
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This news release may contain certain forward-looking information and statements. 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.
