MARKSMEN ANNOUNCES OPERATIONAL UPDATE, DTC ELIGIBILITY IN THE UNITED STATES AND TRADING OF SHARES ON THE OTCQB VENTURE MARKETPLACE
- Completion of well in Pickaway County, Ohio with upper oil zone flowing back oil into containment tanks at high pressures
- Eligibility for electronic clearing and settlement in the United States through DTC
- Upgrading to OTCQB® Venture Market
- None.
CALGARY, ALBERTA, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSXV: MAH) is pleased to announce the following:
Completion of a Well in Pickaway County, Ohio
Marksmen is excited to begin the completion of an upper oil zone at its HD2 well in Pickaway County, Ohio. This formation, first discovered over 125 years ago, has been the most prolific oil producing formation in central and western Ohio, and extends into Michigan, Illinois, and Ontario.
When the HD2 well was drilled, this upper zone flowed back oil into the containment tanks at high pressures. The well was brought under control with heavy weight brine and the zone was then cased and cemented, pending further evaluation. Technical reviews are now finished, and completion work is scheduled to start sometime in the week beginning September 18, 2023, depending on service company availability. The overall program should take three to four days.
Depository Trust Company (“DTC”)
Marksmen's shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company (“DTC”). DTC eligibility is expected to simplify the process of trading and enhance liquidity of Marksmen’s shares in the United States.
DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be “DTC eligible”. This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms by coming into compliance with their requirements.
OTC Markets
Marksmen also announces that it is in the final stages of completing the process to upgrade from OTC – Pink to OTCQB® Venture Market (“OTCQB”), ticker symbol MKSEF. Archie Nesbitt, CEO of Marksmen said, “This will allow investors yet another avenue for trading Marksmen's shares, and the Company looks forward to increasing the awareness around our company for U.S. investors. We believe that trading on the OTCQB® can lead to overall enhanced liquidity and visibility in global capital markets.”
The OTCQB® is a leading market for early-stage and developing U.S. and international companies. Recognized as an established public market by the U.S. Securities and Exchange Commission, the OTCQB® has helped companies build considerable shareholder value including enhanced liquidity and valuation. Investors may benefit from efficient trading through their preferred broker or financial advisor, transparent pricing with real-time quotes, and trusted disclosure that is made broadly available to broker-dealers and market data providers. The Company’s common shares will continue to trade on the TSX Venture Exchange under the symbol MAH.
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, the timing for the well completion in Pickaway County, and the timing and successful completion of the upgrade to OTCQB®. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Marksmen does not undertake to update any forward-looking information except in accordance with applicable securities laws. 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.sedarplus.ca.
