Marksmen Resources Ltd.
TSX VENTURE : MA

Marksmen Resources Ltd.

December 18, 2008 13:52 ET

Marksmen Updates Recent Drilling Results

CALGARY, ALBERTA--(Marketwire - Dec. 18, 2008) - Marksmen Resources Ltd. ("the Company or Marksmen") (TSX VENTURE:MA) is pleased to announce the results from it's recently completed drilling program at Penhold and Alder Flats. During the fourth quarter the Company drilled a 95% working interest well at Alder Flats and three 98% working interest wells at Penhold.

The Alder Flats well was successfully completed and flow tested in the Edmonton Sand Formation. The stabilized flow rate after 40 hours was approximately 200 mcfd (33 boed). Plans are to tie-in the well early in the new year. Based on the results of this well, Marksmen has identified five additional high working interest Edmonton Sand development locations on Company lands.

Marksmen plans to drill a Belly River test at Alder Flats early in the new year. The well will be drilled adjacent to a suspended well which traversed the Belly River (BR) zone during a deeper Viking formation test. Logs run in the suspended well show a potential 23 foot net pay section in the BR formation with a probable reserve assignment of approximately 0.73 bcf ( 121,000 boe) as determined by the Company's independent engineering firm in its interim reserves report dated June 1, 2008. A secondary target is the shallower Edmonton Sand which is also present on logs.

Three wells were also drilled at Penhold. One well was a Horseshoe Canyon CBM (coalbed methane) control well and two were Edmonton Sand wells. By drilling the CBM control well, the Company will be able to re-complete and co-mingle the CBM zones in four adjacent producing Edmonton Sand wells. The CBM control well also allows completion and co-mingling of the Horseshoe Canyon coals and Edmonton Sand in up to 10 new development locations within a 2 mile radius of the control well at a small incremental cost. The drilling of the CBM well will now allow the Company to book reserves attributable to CBM.

The two Penhold area Edmonton sand wells were flow tested for a period of approximately 40 hours. The flow tests were cut short due to the onset of severe weather conditions. The first well, 14-22-36-28W4 flowed through a 3/8 inch choke at a rate of approximately 250 mcfd with a flowing casing pressure of 65 psi. Both flow rate and pressure were stabilizing. The second well, 1-11-37-28W4 flowed up tubing at a rate of about 1335 mcfd through a 1/2 inch choke with a flowing pressure of approximately 218 psi. Both pressure and rate were increasing for the 1-11 well immediately prior to shut-in.

Marksmen has identified up to fourteen additional development well locations at Penhold.

The current uncertainty in credit markets will impact the Company's ability to raise additional financing or equity investment and may impact our capital program in 2009. Marksmen will continue to seek merger and divestiture opportunities.

On behalf of the Board of Directors

Peter Malenica, President & CEO

This News Release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein may be forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Corporation and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to, the actual results of drilling and exploration being equivalent to or better than anticipated or historical results and future costs and expenses being based on historical costs and expenses, adjusted for inflation. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Corporation to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the early stage development of the Corporation and its projects; general business, economic, competitive, political and social uncertainties; commodity prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the natural resources industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting the Corporation; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The Corporation does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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

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