MARKSMEN ANNOUNCES DRILLING PROGRAM UPDATE
29 Août 2022 - 1:30PM
Marksmen Energy Inc. (“
Marksmen” or the
“
Company”) (TSXV: MAH) is pleased to announce the
following update to its drilling program:
Pickaway County, Ohio –
Marksmen, as part of its continuing agreement with its long-term
partner, Houghton Investments LLC (“Houghton”) will drill three
additional Cambrian Knox Davis Holbrook offset wells. The Davis
Holbrook #3 (“DH3) well, was spudded on August 24, 2022, surface
casing has been set and currently drilling ahead with total depth
estimated to be reached on September 2, 2022. The well will then be
tested, completed (acidized but no hydraulic fracturing is
required), and tied-in. The well is planned to be put on production
on or around September 16, 2022.
The DH1 analogous well was drilled in 2016 and
has produced over 70,500 gross barrels to date and it is considered
one of the best wells drilled in this area of Ohio in many years.
Payout on the DH1 and the DH2 wells was achieved in three to four
months.
Marksmen will be the operator and Houghton will
have the option prior to spudding of each well to participate up to
25% as a working interest partner. Each well will take
approximately 7 to 10 days from spud to production testing, and it
is planned to drill the wells back-to-back. These wells do not
require any hydraulic fracturing. Marksmen currently has an oil
battery with tanks and surface equipment in place at the Davis
Holbrook #1 location to handle the combined oil production from all
wells plus water disposal lines to the Company’s water injection
facility.
Marksmen and Houghton also plan to drill a
fourth well, right after the three wells above, under the same
agreement, at the Walker-Sheets location, another Cambrian Knox
remnant target delineated by Marksmen’s 3D seismic acquisition
programs. Marksmen will also be the operator of this well and the
working interest split will be 50% for Marksmen and 50% for
Houghton.
For additional information regarding this news
release please contact Archie Nesbitt, Director, and CEO of the
Company at (403) 265-7270 or e-mail
ajnesbitt@marksmenenergy.com.
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 drilling and testing of
wells. 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.
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