Marksmen Energy Inc.
TSX VENTURE : MAH

Marksmen Energy Inc.

February 16, 2012 19:16 ET

Marksmen Announces Director and Officer Appointments, Proposed Private Placement and Other Corporate Matters

CALGARY, ALBERTA--(Marketwire - Feb. 16, 2012) - Marksmen Energy Inc. ("Marksmen" or the "Company") (TSX VENTURE:MAH) is pleased to announce that it has appointed, subject to regulatory approval, Stephen P. Gibson as President and Chief Executive Officer of the Company and Daryl H. Connolly as Chairman and Director. Messrs.' Gibson and Connolly have played leading roles in the startup and development of a combined total of 12 different junior energy companies in the public arena. Mr. Gibson and Mr. Connolly bring to Marksmen a combined skill set of growth through exploration and exploitation as well as acquisition and development. These appointments are a key element in Marksmen's evolution toward becoming an emerging junior energy player with an initial focus on developing light oil assets in Ohio. Marksmen's new business plan includes the acquisition and development of additional lands and assets in the United States and Canada.

Mr. Gibson was most recently the President, CEO and Director of Great Plains Exploration guiding it from startup to sale in 2010. Mr. Gibson was the past President and CEO of Rider Resources Inc. from December 2000 to February 2003, leading the company's growth until its takeover. Prior to joining Rider, he was a principal with a New York-based investment banking firm specializing in energy investments. Prior to these positions, he was President and CEO of Probe Exploration Inc. from 1994 to 2000. Mr. Gibson started his career as a landman and has over twenty five years of business experience, specializing in acquisitions, capital structuring and corporate finance.

Mr. Connolly a professional engineer by training has over 40 years of experience in the oil and gas industry throughout Canada, the United States, Australia and the North Sea. Mr. Connolly has founded or co-founded and acted as CEO for six public oil and gas companies: HCO Energy Ltd., Tikal Resources Corp., Rock Creek Resources Inc., Aquest Energy Ltd., and Redcliffe Exploration Inc.

Marksmen also wishes to announce the resignation of Erich Boechler as Chief Executive Officer of the Company. The Board of Directors wishes to thank Mr. Boechler for his tremendous efforts over the past year in commencing the rebuilding of Marksmen. Mr. Boechler will continue in his capacity as a member of the board of directors of the Company.

Marksmen also announces that it plans to complete a non-brokered private placement to officers, directors and management of the Company of up to 2,000,000 units (the "Units") of Marksmen at a price of $0.25 per Unit for aggregate gross proceeds of up to $500,000 (the "Offering"). The Units will be comprised of one (1) common share ("Common Share") of Marksmen and one-half (1/2) of a share purchase warrant ("Warrant") of Marksmen. Each whole Warrant entitles the holder thereof to purchase one Common Share for $0.30 expiring 24 months from the date of the closing of the Offering, provided that, if the Common Shares close at or above $0.60 on a 20 day weighted average at any time after the expiry of four months and one day from the date of issuance, the expiry date shall be automatically reduced to the date that is 30 days after the date the Company provides written notice to the holders of Warrants of the new expiry date.

The proceeds of the Offering will be used for oil and gas capital expenditures and general working capital purposes. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. (the "TSXV"). The securities issued will be subject to a four month hold period from the date of the closing of the Offering.

Marksmen also announces that, further to the Company's press releases of October 10, 2010, January 25, 2011, May 6, 2011 and June 27, 2011, the Company has exercised its option (the "Option") to purchase 9,900 common shares equaling 49.5% ("MAR Shares") of MAR Oil Company ("MAR"). MAR holds 100% working interest in approximately 12,500 acres of land in Ohio and has drilled two horizontal wells on a light oil prospect defined by 3D seismic and vertical well control.

The Company also announces that its board of directors has approved the granting of stock options to purchase 1,525,000 Common Shares to a director and officer, subject to regulatory and TSXV approval. The options were issued with an exercise price of $0.29 per share, vest as to one-third (1/3) on each of the first three anniversaries of the date the option agreement is executed and have a five year term.

This press release may contain forward-looking statements about certain of the Company's current plans, goals and expectations relating to financial conditions, performance, results, strategy and objectives. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All forward-looking statements involve risk and uncertainty because they relate to future events and circumstances beyond the Company's control. There can be no assurance that such information will prove to be accurate and as a result, the Company's actual financial condition, performance and results may differ materially from the plans, goals and expectations set out in the forward-looking statements. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

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.

Contact Information

  • Marksmen Energy Inc.
    Stephen P. Gibson
    President and Chief Executive Officer
    (403) 265-7270
    sg@marksmen.ca