Marksmen Resources Ltd.

Marksmen Resources Ltd.

September 17, 2007 18:34 ET

Marksmen Completes Penhold Acquisition

CALGARY, ALBERTA--(Marketwire - Sept. 17, 2007) - Further to press releases dated August 8, and August 22, 2007, Marksmen Resources Ltd. (TSX VENTURE:MA) ("Marksmen") is pleased to announce that it has completed the purchase of certain lands and production in the Penhold area of Alberta pursuant to a Purchase and Sale Agreement dated effective August 1, 2007.

Under terms of the Purchase and Sale Agreement, Marksmen acquired 2,321 net acres of land and approximately 42 boe per day of production. The purchase price of the acquisition including, deposits and adjustments, was approximately $1,760,000. Marksmen financed this acquisition with existing working capital and by increasing its bank line.

By completing this acquisition, Marksmen increased its working interest at Penhold from an average of 38% to over 90%. Penhold contains both operated and non-operated conventional shallow sweet gas wells producing from the Edmonton Group. The Penhold area benefits from year round access and contains significant CBM potential. Based on mapping and successful analogies, there is the potential to drill an additional 12 to 15 development locations at Penhold. There is also the potential to tie-in two wells that have tested gas but have not been tied-in. The Edmonton sands targeted by these wells are shallow, low-risk, and long-life reserves. The wells would be located within easy reach of infrastructure and sales lines. With completion of the acquisition, Marksmen is currently planning to spud the first of several wells at Penhold during the second week of October. Marksmen will have a 98% working interest in this well. Land and surface work is in progress on four additional Penhold locations. By completing this acquisition, Marksmen will become the operator of record for these acquired properties.

On behalf of the Board of Directors

Peter Malenica, President & CEO

Statements in this press release may contain forward-looking statements. Except for statements of historical fact, all statements in this press release - including, without limitation, statements regarding future plans and objectives of Marksmen - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Boe figures may be misleading, particularly if used in isolation. Where amounts are expressed on a barrel of oil equivalent ("boe") basis, natural gas volumes have been converted to boe at a ratio of 6,000 cubic feet of natural gas to one barrel of oil equivalent. This conversion ratio is based upon an energy equivalent conversion method primarily applicable at the burner tip and does not represent value equivalence at the wellhead.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information