Marksmen Energy Inc.

Marksmen Energy Inc.

September 29, 2014 09:01 ET

Marksmen Announces Drilling and Operational Update

CALGARY, ALBERTA--(Marketwired - Sept. 29, 2014) - Marksmen Energy Inc. (TSX VENTURE:MAH) ("Marksmen" or the "Company") is pleased to announce that Marksmen and its Joint Venture Partner, Houghton Investments LLC ("Houghton"), spudded their fifth well on Marksmen's initial Ohio 3D seismic survey area at BJ-78 #8 on September 22, 2014. The well reached its total depth of 2,528 feet on September 27, 2014. The well penetrated the Cambrian Knox unconformity precisely as indicated on our 3D seismic and further confirms the value of our seismic interpretation. During drilling, oil and gas shows were encountered in the target formation and oil circulated to surface. As production casing was run oil was also displaced to surface. The well has been open hole logged and density porosity averaged greater than 12% over two intervals measuring 16 feet which is the highest porosity of all the Company's wells drilled to date in the project area. The high porosity intervals correlated with oil and gas shows and oil circulated to surface during drilling. The well will be perforated and acidized in the next few days.

The results obtained with the drilling of this well provide additional confirmation to the Company's 3D seismic interpretation and authenticates our other offset well locations. The drilling rig will move to the next location in the next few days to begin drilling of the second well of this program as announced in the press release of September 15, 2014.

Marksmen's land acquisition teams are continuing with the acquisition of oil and gas leasehold interests. A minimum of four and up to six plus square miles of new 3D seismic acquisition is planned for later this year.

Further information will be released as it becomes available.

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 Company's drilling plans and operations. Oil and gas shows and oil circulated to surface are not an indication that the well will contain any reserves or resources or that there will be commercially viable production from the well. 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 Marksmen does not undertake to update any forward-looking information except in accordance with applicable securities laws.

Contact Information

  • Marksmen Energy Inc.
    Archie Nesbitt
    President, Chief Executive Officer and
    a Director of the Company
    (403) 265-7270