Marksmen Resources Ltd.
TSX VENTURE : MA

Marksmen Resources Ltd.

January 08, 2008 13:25 ET

Marksmen Resources Ltd.: Drilling Update

CALGARY, ALBERTA--(Marketwire - Jan. 8, 2008) - Marksmen Resources Ltd. (TSX VENTURE:MA) (" Marksmen" or the "Company") is pleased to announce that since its last news release on November 29th, 2007, the Company has drilled its first operated well at Penhold and completed and tied-in its second Eastmount well in addition to re-activating a shut-in Belly River well at Alder Flats.

The Penhold well, in which Marksmen has an 98% working interest, encountered approximately 70 feet of net pay in the Edmonton sand and flow tested at a rate of 775 mcfd at a stabilized flowing pressure of 185 psia.The well has a short tie-in to the main gathering system and is expected to be on stream on or about March 1, 2008. Based on mapping and offsetting production, there is the potential to drill up to 10 additional development locations at Penhold.

In the last quarter of 2007, Marksmen participated in its second well at Eastmount in which the Company as an 11.1% working interest. The well came on stream December 15, 2007 from the Glauconite formation and is currently producing at a rate of 1.0 mmcfd ( net 18 boe per day ). The third Eastmount development well spud last week and is expected to reach its target depth in the third week of January and if successful is anticipated to be on-stream by mid February.

The Company's current production is between 130 and 140 boe per day with about 60 boe per day estimated to be behind pipe waiting to be tied-in.

Management continues to seek additional merger and acquisition opportunities to complement the production growth that is being pursued through low risk development drilling. The current low natural gas price environment has created significant opportunities for Marksmen at Penhold and in other areas. The Company is presently sourcing growth capital in order to take full advantage of these opportunities.

On behalf of the Board of Directors

Peter Malenica, President & CEO

Statements in this press release may contain forward-looking statements. Except for statements of historical fact, all statements in this press release - including, without limitation, statements regarding future plans and objectives of Marksmen - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Boe figures may be misleading, particularly if used in isolation. Where amounts are expressed on a barrel of oil equivalent ("boe") basis, natural gas volumes have been converted to boe at a ratio of 6,000 cubic feet of natural gas to one barrel of oil equivalent. This conversion ratio is based upon an energy equivalent conversion method primarily applicable at the burner tip and does not represent value equivalence at the wellhead.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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