Marksmen Energy Inc.

February 16, 2011 18:05 ET

Marksmen Announces Second Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Feb. 16, 2011) - Marksmen Energy Inc. ("Marksmen" or the "Company") (TSX VENTURE:MAH) announces that it has completed a second closing of a non-brokered private placement (the "Private Placement") for 3,483,830 units ("Units") of the Company at a price of $0.30 per Unit for gross proceeds of $1,045,149. Each Unit consists of one common share ("Common Share") and one-half of one share purchase warrant ("Warrant"), with each whole Warrant entitling the holder thereof to purchase one Common Share at a price of $0.50 per share for a period of one year from the date of closing.

The proceeds of the Private Placement will be used for a two well horizontal light oil test in the Eastern United States as well as seismic, land acquisition and other related oil and gas activities. In connection with the Private Placement, cash commissions of up to $83,612 may be paid and up to 278,706 broker warrants ("Broker Warrants") may be issued. Each Broker Warrant entitles the holder to one (1) Common Share and is exercisable at a price of $0.30 per share for a period of one (1) year from the date of issuance.

All securities issued pursuant to the Private Placement are subject to a four-month hold period in accordance with applicable securities law.

This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is 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.

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.

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