CALGARY, ALBERTA--(Marketwired - June 21, 2016) - Marksmen Energy Inc. ("Marksmen" or the "Company") (TSX VENTURE:MAH)(OTCQB:MKSEF) is pleased to announce that Marksmen, as operator, and its joint venture partner Houghton Investments LLC., drilled a discovery well at its Pickaway County, Ohio, Davis-Holbrook #1 well location on a large Cambrian Knox target outlined by Marksmen's 3D Seismic programs.
The discovery well was spudded on June 14, 2016. The well which had a projected total depth of 2,480 feet produced free flowing oil to surface from a depth of 2,357 vertical feet from the Cambrian Knox formation. The Davis-Holbrook #1 well intersected the Cambrian Knox formation 40 feet stratigraphically higher than the Company's Strittmatter 1 well, which is located approximately 2,000 feet to the north and on the same large Cambrian Knox structure.
Overnight the well was deepened an additional 120 feet to a total depth of 2,477 feet. The well is currently being logged and completion operations are underway. Production casing is scheduled to be run and cemented today.
Marksmen estimates there are at least an additional five drilling locations on the Davis-Holbrook 3D Cambrian Knox remnant on which the Davis-Holbrook #1 well was drilled.
Marksmen's 3D Seismic acquisition programs in Pickaway County have resulted in Marksmen selecting more than 20 Cambrian Knox target well locations. Additional 3D Seismic surveys are planned on Marksmen's leasehold interests in Pickaway County Ohio.
Results of production testing and other information will be announced when they are 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 and seismic plans, operations and production. Oil and gas shows and oil circulated to surface are not an indication that there are any reserves or resources or that the well will result in commercially viable production. 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.