MARKSMEN ANNOUNCES DRILLING PROGRAM UPDATE
09 Septembre 2022 - 12:25AM
Marksmen Energy Inc. (“
Marksmen” or the
“
Company”) (TSXV: MAH) is pleased to announce the
following update to its drilling program:
Portage County, Ohio - Marksmen
and its working interest partner, PEP Drilling LLC
(“PEP”), have successfully recompleted the Clinton
Sandstone zone of the Reese #1 well. Marksmen managed the
recompletion project and will pay 100% of the capital costs to earn
an 80% working interest. The well has been completed on or below
budget.
All surface equipment including a natural gas
sales line, production tanks and pumpjack are now fully
operational. The well is on production and is behaving as expected.
The previously injected completion water is currently being pumped
from the formation. As this water is removed the natural gas and
oil production is beginning to increase. It is too early to predict
the stabilized daily volumes of natural gas and oil, but the
Company is pleased with the early indications.
Pickaway County, Ohio –
Marksmen, as part of its continuing agreement with its long-term
partner, Houghton Investments LLC (“Houghton”) is
in the process of drilling four additional Cambrian Knox offset
wells, back-to-back.
The Holbrook Davis #1 well was spudded on August
25, 2022, and drilling of the well reached total depth on September
2, 2022. The well was logged and preliminary technical analysis and
comparison to the Davis Holbrook #1 and Davis Holbrook #2 wells
indicate the pay zones on the logs appear to be at similar depths
and thicknesses. There were hydrocarbon shows while drilling. A
service rig is scheduled for September 13, 2022, at which time the
well will be perforated, acidized, and then swabbed. The well is
planned to be tied into the existing battery and the Company’s
water injection facility and is expected to be put on production on
or around September 16, 2022.
The Holbrook Davis #2 well was spudded on
September 7, 2022 and should reach total depth on or about
September 14, 2022. The well will then be logged and cased, and it
is expected to be completed immediately following the swabbing of
the Holbrook Davis #1 well and then put on production on or before
September 23, 2022.
The Davis Holbrook #1 and #2 wells paid out in
under four months. The Davis Holbrook #1well was drilled in 2016
and has produced over 70,500 gross barrels to date.
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, testing and
production 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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