MARKSMEN ANNOUNCES DRILLING PROGRAM UPDATE

Rhea-AI Summary

Marksmen Energy Inc. has provided an update on its 2022 drilling program, focusing on operations in Ohio. The company successfully recompleted the Clinton Sandstone zone of the Reese #1 well, currently producing oil and gas. In addition, they are drilling the Holbrook Davis #1 and #2 wells, with promising oil shows and significant potential in a new upper zone.

Marksmen expects the first load of oil to be sold soon, enhancing their production capacity. Their drilling efforts continue across Portage, Pickaway, and Hocking counties as rigs become available.

Positive

• Successful recompletion of the Reese #1 oil and gas well with initial production.
• Holbrook Davis #1 well shows good oil potential and is on track for production.
• Discovery of a new, thick upper zone in Holbrook Davis #2 increases production potential.

Negative

• None.

CALGARY, ALBERTA, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSXV: MAH) is pleased to announce the following update to its 2022 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 oil and gas well. Marksmen has an 80% working interest before payout. Currently the well is producing oil and gas but is still recovering residual completion fluids. Minor technical issues with surface equipment are being addressed. The first load of oil is expected to be sold early next week.

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 additional Cambrian Knox offset wells, back-to-back.

The Holbrook Davis #1 (“HD1”) well has been drilled, logged, cased, and swab tested with good oil shows to surface. The logging and swabbing operation results are similar to those on the Davis Holbrook #2 well. Bottom hole equipment has been put in place and surface equipment and flow lines are currently being installed. Marksmen anticipates the well will be put on production in the first week of October. Marksmen has a 75% working interest in this well.

The Holbrook Davis #2 well is exciting in that an upper zone has been encountered that was not fully developed in our other Pickaway County wells.   It is a thick zone and during drilling flowed significant oil to surface. This zone has been cased, and isolated and is awaiting more comprehensive logging with a technically advanced logging system. The lower zones that are similar in depth and thickness to our other wells are currently being drilled out and will be logged and swab tested in the same manner as HD1. Markmen is anticipating that this well will be put on production by the third week of October. Marksmen has a 100% working interest in this well until 125% of all capital costs are recovered and then it reverts to 75%.

The Davis #1 well has been drilled with oil shows to surface. It has been open hole logged and cased and is currently awaiting perforating, acidizing and swab testing. It will be equipped with a bottom hole assembly and surface equipment and put on production on before the third week of October. Marksmen has a 100% working interest in this well until 125% of capital costs are recovered and then it reverts to 75%.

Marksmen will continue its 2022 drilling program with additional wells in Portage County, Pickaway County and Hocking County as drilling rigs become available.
Archie Nesbitt, CEO and President of Marksmen states: “I am very pleased to see the recompletion of one well in Portage County and the drilling of three wells in Pickaway County in such a short timeframe. I am particularly excited about the potential for the new thick upper zone encountered at Holbrook Davis #2.”

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.

FAQ

What is the current production status of the Reese #1 well for MKSEF?

The Reese #1 well is currently producing oil and gas but is still recovering residual completion fluids.

What drilling activities are ongoing for Marksmen Energy (MKSEF) in October 2022?

Marksmen is working on the Holbrook Davis #1 and #2 wells in Pickaway County, expected to be put into production in early to mid-October.

What percentage working interest does Marksmen hold in the Holbrook Davis #2 well?

Marksmen has a 100% working interest in the Holbrook Davis #2 well until 125% of all capital costs are recovered.

Is there any significant discovery in the drilling operations of MKSEF?

Yes, a new thick upper zone was encountered in the Holbrook Davis #2 well, indicating significant oil potential.