Marksmen Announces Operations Update
CALGARY, Alberta, Nov. 27, 2017 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (TSX-V:MAH) (OTCQB:MKSEF) (“Marksmen” or the “Company”) and Its wholly owned subsidiary, Marksmen Energy USA, Inc. announces the following update on wells in Ohio, USA.
Morrow County - Marksmen is participating as a 25% working interest owner in a well operated by Houghton Investments LLP. The well is currently nearing total depth with a target zone in the Trempealeau Dolomite formation. The drilling contractor has agreed to participate in the well by paying a substantial portion of the drilling costs to earn a 50% working interest, thereby significantly reducing the overall cost to Marksmen and the operator. Completion costs are expected to be approximately $49,000 USD net to Marksmen.
Hocking County – Marksmen has entered into an agreement for a 40% working interest in a Clinton Sandstone formation horizontal drilling program, operated by Hocking Hills Energy and Well Services LLC. It has the potential to be a multi-well resource play with 10 to 12 potential drilling locations currently identified. A major oil producer/refining company, that purchases and markets our oil from other wells, has also agreed to participate as a 25% working interest partner. The agreement includes an area of mutual interest covering parts of three townships with over 4,000 acres currently under lease.
Lease preparation and drilling of the first well is expected to commence in December 2017. The AFE to drill and complete the well is approximately $1,400,000 USD. The first two wells from the same drilling pad, will each have a horizontal leg of approximately 3,000 feet and will be completed with an estimated 15 stages of hydraulic fracturing. The operator has in-house drilling and completion capabilities and the joint venture has retained additional technical services with expertise in horizontal drilling and hydraulic fracturing in Ohio and surrounding states. Marksmen will contribute geological and engineering expertise.
The Ohio Clinton Sandstone formation has seen historic oil production exceeding 250 million barrels of oil since the late 1800’s. There are currently two large oil and gas companies drilling horizontal wells in the same formation approximately 100 miles north of our location. Marksmen’s drilling locations are on a lease that has never been drilled but it has a number of analogous successful vertical wells in close proximity. Our technical analysis indicates that our location(s) have better permeability and porosity than the successful horizontal wells further north.
Marksmen is also currently evaluating offset drilling opportunities on its current land position as well as other lands that have been made available to us from existing partners in Ohio.
For additional information regarding this news release please contact Archie Nesbitt, CEO and President at (403) 265-7270 or e-mail info@marksmen.ca
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 drilling and other opportunities available to Marksmen. 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.
