CALGARY, ALBERTA--(Marketwired - May 6, 2014) - Marksmen Energy Inc. ("Marksmen" or the "Company") (TSX VENTURE:MAH) is pleased to announce that on April 30, 2014 Marksmen and its Joint Venture Partner, Houghton Investments LLC, spudded the first of up to five wells of its initial drilling program in Ohio, USA.
The well reached total depth on May 5, 2014 and there have been oil and gas shows in an upper formation and oil shows in the targeted Cambrian Knox formation. During the drilling of the Cambrian Knox formation oil circulated to surface. The well is in the process of being logged and the well will be cased and completed. Production testing is expected to be completed within the next two weeks. Marksmen intends to spud its second well later this week.
The Company will pay 100% for the drilling of the first two wells to earn a 75% working interest. Thereafter the Company will pay 75% and our joint Venture Partner will pay 25% of each well drilled in the five square mile area of mutual interest (AMI). 3D seismic of the AMI, announced March 24, 2014, indicates a number of other potential drilling locations.
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 Company's Ohio properties contain any reserves or resources or that there will be commercially viable production from those properties. 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.