Marksmen Resources Ltd.
TSX VENTURE : MA

Marksmen Resources Ltd.

June 24, 2009 16:50 ET

Marksmen Sells Non-Core Saskatchewan Property and Updates Company Operations

CALGARY, ALBERTA--(Marketwire - June 24, 2009) - Marksmen Resources Ltd. ("Marksmen") (TSX VENTURE:MA) is pleased to announce that it has entered into a purchase and sale agreement dated June 24, 2009 with an arm's length purchaser to sell a non-core oil producing property at Antler Saskatchewan and also announces that the sale closed today. Sale proceeds before adjustments were $225,000. The property contributed approximately 6.0 bbl per day of oil production and proven and probable reserves of 24,300 bbl of oil to Marksmen as determined as at December 31, 2008 by Marksmen's independent engineering firm. As the result of the sale of the Antler property, Marksmen's proven and probable reserves at December 31, 2008, is 538,700 boe.

A portion of the sale proceeds will be allocated to the tie-in of the Penhold 1-11-37-28W4 Edmonton Sands well which flow tested up tubing in November, 2008 at a rate of approximately 1.3 mmcf/d through a 1/2 inch choke and a flowing pressure of about 218 psi. Both pressure and rate were increasing prior to shut-in. A second Edmonton sands well, 12-10-45-7W5 located at Alder Flats will also be tied-in. This well tested in November, 2008 at approximately 200 mcfd. Marksmen has an average working interest of 96.5% in both wells. Field work on the tie-in of these wells will begin immediately, with an on-stream target date on or about August 1, 2009.

Recently, Marksmen received notification that two of its wells at Penhold were shut-in due to a lack of capacity at a third-party processing facility. The plant operator informed Marksmen that these wells could be shut-in for up to 90 days or until additional compression is installed. This resulted in about 110 mcfd (18 boe/d) of net production being shut-in. Marksmen will use this shut-in period to re-deploy the mobile field compressor from Penhold to Alder Flats. This re-deployment will reduce operating line pressure at Alder Flats and result in incremental production gains from two current producer wells and the new 12-10 well.

Marksmen plans to farmout and participate in a Belly River test well at Alder Flats prior to year end. The well will be drilled adjacent to a suspended well which traversed the Belly River (BR) zone during a deeper Viking formation test. Logs run in the suspended well show a potential 23 foot net pay section in the BR formation with a potential gross probable reserve assignment of approximately 0.73 bcf (121,000 boe) as determined as at December 31, 2008 by Marksmen's independent engineering firm. As at December 31, 2008, total gross probable reserves for Marksmen was 277,400 boe. A secondary target of this test well is the shallower Edmonton Sands which is also present on logs. Marksmen feels that there is good chance of attracting a partner for this development location since there will be several potential follow-up development locations on adjacent acreage if the BR test well is successful.

Taking into account the sale of the Antler property, the recent shut-in of the two Penhold wells, the re-deployment of the compressor to Alder Flats and the tie-in of the two wells, Marksmen forecasts a potential 2009 exit rate in the range of 120 boe per day, up from its current rate of approximately 75 boe per day. The forecast exit rate assumes continued shut-in of the two wells at Penhold and makes no allowance for contribution from the BR test well.

On behalf of the Board of Directors

Peter Malenica, President and CEO

This news release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Marksmen's current beliefs and is based on information currently available to Marksmen and on assumptions Marksmen believes are reasonable. These assumptions include, but are not limited to, the actual results of drilling and exploration being equivalent to or better than anticipated or historical results, reserves data and estimates being accurate and resulting in total production from a well being equal to or better than reserves estimates and data for such well, and future costs and expenses being based on historical costs and expenses, adjusted for inflation. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Marksmen to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of Marksmen and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the natural resources industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting Marksmen; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Marksmen has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Marksmen does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, the estimates of reserves for individual properties may not reflect the same confidence level as estimates of reserves for all properties, due to the effects of aggregation.

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 of accuracy of this news release.

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