MARKSMEN ANNOUNCES DRILLING PROGRAM UPDATE FOR PICKAWAY COUNTY, OHIO

Rhea-AI Summary

Marksmen Energy announces a successful drilling program update in Pickaway County, Ohio, with three new wells drilled in the Cambrian Knox formation. As of October 7, 2022, all wells reached total depth, showing promising oil production potential, similar to the highly productive Davis Holbrook #1 well from 2016. The company expects to initiate production within a week, with further installations to follow. Marksmen plans to expand its drilling activities across multiple counties in Ohio, aiming for increased production and cash flow.

Positive

• Successful drilling of three new wells in Pickaway County, indicating strong potential for oil production.
• Preliminary results from new wells are comparable to Davis Holbrook #1, which produced over 26,000 bbls in its first year.
• Anticipation of increased production and cash flow as wells are put into production.

Negative

• None.

CALGARY, ALBERTA, Oct. 11, 2022 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSXV: MAH) is pleased to announce the following drilling program update:

In late August of 2022 Marksmen commenced a three well development drilling program in Pickaway County, Ohio in the Cambrian Knox formation. As of October 7, 2022, the three wells have been drilled to total depth and each well has been acidized and swab tested. With each swab pull there were excellent oil shows to the surface tanks/pits. The preliminary results are analogous with Marksmen’s best well, Davis Holbrook #1 (“DH1”) drilled in July of 2016, in the same formation and depth. The DH1 well, for comparison, produced over 26,000 barrels (“bbls”) of light sweet Pennsylvania crude or 75 bbls per day in its first year of operations with a payout in less than three months. The DH1 well is still producing oil today. Marksmen anticipates that these three new development wells will also be strong oil producing wells.

Archie Nesbitt, CEO and President of Marksmen states: “It is very satisfying to me that our team in Ohio was able to successfully drill three wells in a short period of time, especially with drilling rigs and other important goods and services in such short supply. I am very pleased to report the successful completion and exciting preliminary testing of these three development wells in the Cambrian Knox formation. I look forward to a dramatic increase in Marksmen’s production and cash flow as these wells are put on production, beginning with the first well in approximately one week, and in the future as Marksmen continues its aggressive drilling programs in Ohio.”

The Holbrook Davis #1well has all down hole equipment and surface equipment in place. Production flow lines to Marksmen’s battery located at the DH1 well location are currently being installed. Marksmen anticipates this well will be put on production within a few days. Marksmen has a 75% working interest in this well.

The Holbrook Davis #2 and Davis #1 wells will have production tanks, and other surface equipment installed at a shared battery location in the next two weeks, and it is anticipated that these wells will be put on production by the end of October. Marksmen has a 100% working interest in these wells until 125% of all 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.

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, and the production and cash flow from 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 are the results of the latest drilling program from Marksmen Energy (MKSEF)?

Marksmen Energy's latest drilling program has successfully drilled three new wells, showing promising oil production potential similar to the highly productive Davis Holbrook #1 well.

When will Marksmen Energy (MKSEF) begin production from the new wells?

Marksmen Energy expects to start production from the first well within approximately one week from the announcement.

What is the significance of the Davis Holbrook #1 well for Marksmen Energy (MKSEF)?

The Davis Holbrook #1 well produced over 26,000 barrels of oil in its first year, serving as a benchmark for the expected performance of the new wells.

What future plans does Marksmen Energy (MKSEF) have for drilling?

Marksmen Energy plans to continue its drilling program with additional wells in Portage, Pickaway, and Hocking Counties as new rigs become available.

How much working interest does Marksmen Energy (MKSEF) have in the new wells?

Marksmen Energy has a 75% working interest in the Holbrook Davis #1 well and a 100% working interest in the Holbrook Davis #2 well until 125% of capital costs are recovered.