Marksmen Resources Ltd.
TSX VENTURE : MA

Marksmen Resources Ltd.

August 22, 2007 15:30 ET

Marksmen Signs Purchase and Sale Agreement to Acquire Penhold Lands and Production

CALGARY, ALBERTA--(Marketwire - Aug. 22, 2007) - Further to a press release dated August 8, 2007, Marksmen Resources Ltd. (TSX Venture:MA) ("Marksmen") is pleased to announce it has signed a Purchase and Sale Agreement effective August 1, 2007 to acquire lands and production in the Penhold area of Alberta.

Under terms of the Purchase and Sale Agreement, Marksmen will acquire 2,321 net acres of land and approximately 42 boe per day of production. The purchase price of the acquisition is $1,700,000 of which a deposit of $150,000 has been paid. The effective date of the transaction is August 1, 2007 with closing of the transaction to occur on or about September 15, 2007. The acquisition is subject to typical closing conditions such as representations and warranties being true, obligations in the Purchase and Sale Agreement being fulfilled, no adverse change to the assets being acquired and discharges of security in respect of the assets being acquired. Marksmen expects to finance this acquisition with existing working capital and by increasing its bank line.

By completing this acquisition, Marksmen will increase 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 working on the tie-in of the 4-36 well that was drilled at Penhold in February 2007. This well is expected to be tied in and on production early the fourth quarter. 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.

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