MARKSMEN ANNOUNCES DRILLING PROGRAM UPDATE FOR PICKAWAY COUNTY, OHIO
11 Outubro 2022 - 7:14PM
Marksmen Energy Inc. (“
Marksmen” or the
“
Company”) (TSXV: MAH) is pleased to announce the
following drilling program update:
In late August of 2022 Marksmen commenced a
three well development drilling program in Pickaway County, Ohio in
the Cambrian Knox formation. As of October 7, 2022, the three wells
have been drilled to total depth and each well has been acidized
and swab tested. With each swab pull there were excellent oil shows
to the surface tanks/pits. The preliminary results are analogous
with Marksmen’s best well, Davis Holbrook #1
(“DH1”) drilled in July of 2016, in the same
formation and depth. The DH1 well, for comparison, produced over
26,000 barrels (“bbls”) of light sweet
Pennsylvania crude or 75 bbls per day in its first year of
operations with a payout in less than three months. The DH1 well is
still producing oil today. Marksmen anticipates that these three
new development wells will also be strong oil producing wells.
Archie Nesbitt, CEO and President of Marksmen
states: “It is very satisfying to me that our team in Ohio was able
to successfully drill three wells in a short period of time,
especially with drilling rigs and other important goods and
services in such short supply. I am very pleased to report the
successful completion and exciting preliminary testing of these
three development wells in the Cambrian Knox formation. I look
forward to a dramatic increase in Marksmen’s production and cash
flow as these wells are put on production, beginning with the first
well in approximately one week, and in the future as Marksmen
continues its aggressive drilling programs in Ohio.”
The Holbrook Davis #1well has all down hole
equipment and surface equipment in place. Production flow lines to
Marksmen’s battery located at the DH1 well location are currently
being installed. Marksmen anticipates this well will be put on
production within a few days. Marksmen has a 75% working interest
in this well.
The Holbrook Davis #2 and Davis #1 wells will
have production tanks, and other surface equipment installed at a
shared battery location in the next two weeks, and it is
anticipated that these wells will be put on production by the end
of October. Marksmen has a 100% working interest in these wells
until 125% of all capital costs are recovered and then it reverts
to 75%.
Marksmen will continue its 2022 drilling program
with additional wells in Portage County, Pickaway County and
Hocking County, as drilling rigs become available.
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 and testing of
wells, and the production and cash flow from 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.
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