MARKSMEN ANNOUNCES DRILLING PROGRAM UPDATE

Rhea-AI Summary

Marksmen Energy Inc. has updated its drilling activities in Portage County, Ohio, where it has begun the recompletion of the Reese #1 well as of July 25, 2022. Marksmen is covering all capital costs to secure an 80% working interest. The lower Rose Run formation has been plugged back, with part of the higher Clinton Sandstone perforated and acidized recently. Following hydraulic stimulation, well clean-up is in progress, leading to anticipated commercial production of oil and gas. Marksmen continues evaluating new drilling opportunities in collaboration with partner PEP Drilling LLC.

Positive

• Commenced the recompletion of the Reese #1 well, indicating active growth in drilling operations.
• Achieved hydraulic stimulation of the Clinton Sandstone reservoir, enhancing potential production.
• Collaboration with PEP Drilling on new drilling opportunities, suggesting future revenue growth.

Negative

• None.

CALGARY, ALBERTA, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSX: 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”), commenced the recompletion of the Reese #1 well on July 25, 2022. Marksmen is managing the recompletion and will pay 100% of the capital costs to earn an 80% working interest.  

The lower Rose Run formation has been plugged back and 44 feet of 100 feet of the higher Clinton Sandstone pay zone formation was perforated and acidized on August 8, 2022. On August 22, 2022, the Clinton Sandstone reservoir was hydraulically stimulated with over 2,000 barrels of solution and 300 sacks of sand injected at 3,050 PSI. Well clean-up activities, including flowback and swabbing, are currently ongoing and will be followed by installing of tubing, rods and a bottom hole pump. Then a pumpjack and tanks already on location and provided by PEP, as part of the joint agreement, will be tied in. This is expected to be followed by commercial production of oil and gas.

PEP is continuing to permit and prepare a number of other recompletion well locations they have available in Portage County under similar terms to Marksmen as the Reese #1 well.

Additionally, Marksmen’s technical team continues to collaborate with their counterparts at PEP, evaluating a number of Rose Run formation drilling opportunities. These new wells are adjacent to other Rose Run wells that have each produced in excess of 145,000 barrels of oil and associated natural gas.

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 timing and success of the recompletion and/or drilling of wells, and evaluating the feasibility of new development opportunities. 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 latest update from Marksmen Energy Inc regarding the Reese #1 well?

Marksmen Energy has started the recompletion of the Reese #1 well and is managing the process while covering all capital costs, aiming for an 80% working interest.

What drilling activities are ongoing at Marksmen Energy's Portage County site?

Marksmen is currently engaged in well clean-up activities after hydraulic stimulation of the Clinton Sandstone, leading to expected commercial production.

What collaboration is Marksmen Energy involved in for future drilling opportunities?

Marksmen is working with PEP Drilling LLC to evaluate several drilling opportunities in the Rose Run formation, which has shown significant production in adjacent wells.

What is Marksmen Energy's working interest in the Reese #1 well?

Marksmen Energy is securing an 80% working interest in the Reese #1 well by covering all capital costs for its recompletion.