CALGARY, Alberta, July 27, 2015 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (TSX-V:MAH) (OTCB Venture Marketplace:MKSEF) ("Marksmen" or the "Company") is pleased to announce that Marksmen has participated in the drilling of a well operated by its joint venture partners, Hocking Hills Energy and Well Services LLC ("HHE") and Chuck Henry Energy LLC ("CHE"). The well drilled is a Cambrian Knox remnant oil well, the Delong-Davis Unit #1, in Pickaway County, Ohio. Marksmen has a 45% working interest in the well.
The well was spudded on July 20, 2015 and reached its total depth on July 26, 2015 targeting a large Cambrian Knox remnant that was drilled based on the interpretation of new 3D seismic and encountered significant oil and gas shows in the top of the Cambrian Knox formation where open hole logs recorded porosities of greater than 20% over a 6 foot interval. Oil did circulate to surface.
The well is currently being completed for commercial production and is expected to have a pump-jack and bottom-hole equipment in place in a week with the tanks and other surface equipment to follow shortly. Production is expected to be on-line by mid-August. Marksmen believes that even at depressed WTI prices for oil, Marksmen's wells can be economically exploited because of the low drilling and operating costs for its shallow light oil drilling programs in Ohio.
This well was drilled based on the latest 3D seismic program completed in May 2015 with our joint venture partners HHE and CHE. The success of this well and the 3D seismic indicate there are at least two step out locations on this remnant. A number of other well locations in the 2015 3D target area are currently being permitted for drilling including the largest remnant identified by seismic, an offset to our Strittmatter #1 well.
To date Marksmen has conducted approximately 7 square miles of 3D seismic acquisition using Bay Geophysical of Traverse City, Michigan. Marksmen currently has leasehold interests aggregating approximately 12,000 acres in Pickaway County. Additional 3D seismic is planned for later this year.
Archie Nesbitt, CEO and President of Marksmen states "Marksmen is very pleased with the initial results from this well based on the very significant contribution that 3D seismic and its interpretation by our technical experts have made to the overall success to date. The program validates the importance of using the best 3D seismic techniques available to exploit the oil bearing zones in this part of Ohio."
Further information will be released as it becomes available.
For additional information regarding this news release please contact Archie Nesbitt, President, Chief Executive Officer and a Director of the Company at (403) 265-7270 or e-mail firstname.lastname@example.org.
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. Oil and gas shows and oil circulated to surface are not an indication that there are any reserves or resources or that it will result in commercially viable production. 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.