Marksmen Announces Commercial Production and Drilling Update
20 Mai 2014 - 3:01PM
Marketwired Canada
Marksmen Energy Inc. ("Marksmen" or the "Company") (TSX VENTURE:MAH) is pleased
to announce that on May 15, 2014 Marksmen and its Joint Venture Partner,
Houghton Investments LLC, placed their first well drilled in Ohio on production.
During production testing, the well produced 144 barrels of Pennsylvania grade
oil (approximately 40 to 42 API) with less than 1% water cut and no other fluids
or gas, from the Cambrian Knox formation. The well was placed on production with
a temporary power source and it produced at 6 barrels per hour over intervals
totaling 24 hours which equates to 144 barrels over a 24 hour time period. There
was no significant production or pressure decline during the test. The well is
currently stabilized and is producing at an initial production rate of 120
barrels of oil per day. A pressure transient analysis or well-test
interpretation has not been performed and therefore the results should be
considered preliminary until such analysis has been completed.
The first oil was delivered to market on May 17, 2014. The gross revenue per
barrel is based on West Texas Intermediate prices, approximately $102, less a
transportation charge of $2 per barrel. Marksmen's share of production, net of
royalties, is 75%.
Marksmen's second well reached total depth on May 17, 2014 and there have been
oil and gas shows in an upper formation and oil shows in the targeted Cambrian
Knox formation. The well has been cased and will be perforated, stimulated and
completed. Production testing is expected to take less than two weeks.
Marksmen expects to spud its third well on May 21, 2014 and the drilling program
to total depth is expected to be completed in seven days.
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. The production testing results are not
necessarily indicative of long term production or ultimate recovery. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Marksmen Energy Inc.
Archie Nesbitt, President,
Chief Executive Officer and a Director of the Company
(403) 265-7270
info@marksmen.ca
www.marksmen.ca
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