MARKSMEN ANNOUNCES DRILL PROGRAM UPDATE
CALGARY, ALBERTA, Aug. 29, 2022 (GLOBE NEWSWIRE) — Marksmen Energy Inc. (“snipers“or the”Company”) (TSXV:MAH) is pleased to announce the following update to its drill program:
Pickaway County, Ohio – Marksmen, as part of its ongoing agreement with its long-term partner, Houghton Investments LLC (“Houghton”) will drill three additional Cambrian Knox Davis Holbrook compensation wells. The Davis Holbrook #3 (“DH3”) well was sunk on August 24, 2022, surface casing has been placed and is currently drilling ahead with an estimated total depth of September 2, 2022. The well will be then tested, completed (acidified but no hydraulic fracturing necessary), and bonded. The well is expected to be put into production on or around September 16, 2022.
The DH1 analog well was drilled in 2016 and has produced over 70,500 gross barrels to date and is considered one of the best wells drilled in this area of Ohio for many years. Payment for wells DH1 and DH2 was completed in three to four months.
Marksmen will be the operator and Houghton will have the option, prior to the drilling of each well, to participate up to 25% as a working partner. Each well will take approximately 7 to 10 days from start-up to production testing, and the wells are planned to be drilled back-to-back. These wells do not require hydraulic fracturing. Marksmen currently has an oil battery with tanks and surface equipment in place at the Davis Holbrook #1 site to handle combined oil production from all wells as well as water discharge lines to the facility. of the company’s water injection.
Marksmen and Houghton also plan to drill a fourth well, just after the three wells above, under the same agreement, at the Walker-Sheets site, another residual Cambrian Knox target bounded by seismic acquisition programs. Marksmen 3D. Marksmen will also be the operator of this well and the working interest will be 50% for Marksmen and 50% for Houghton.
For further information regarding this press release, please contact Archie Nesbitt, Director and CEO of the company at (403) 265-7270 or email [email protected]
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 press release.
This press release may contain certain forward-looking information and statements, including, without limitation, statements relating to drilling and well testing. 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 the assumptions used to prepare this forward-looking information and a description of the risk factors that could cause actual results to differ materially from the forward-looking information can be found in Marksmen’s disclosure documents on the SEDAR website at address www.sedar.com. Marksmen does not undertake to update forward-looking information except in accordance with applicable securities laws.