MARKSMEN ANNOUNCES PARTNERSHIP WITH EMF GEOSCIENCE

Rhea-AI Summary

Marksmen Energy Inc. has announced a strategic partnership with EMF Geoscience, Inc. to focus on developing light oil drilling opportunities in Ohio. EMF will leverage its extensive geological database and advanced 3-D seismic technology to identify potential drilling targets within the state. This collaboration is expected to enhance Marksmen's project selection capabilities, as EMF has consulted for approximately 20 clients in the Appalachian Basin, contributing to about 50% of total reserves in the region. With this partnership, Marksmen aims to capitalize on several new projects beginning in 2023 that align with the increasing demand for Pennsylvania grade light crude oil.

Positive

• Strategic partnership formed with EMF Geoscience, enhancing project selection capabilities.
• Access to advanced 3-D seismic technology for precise drilling target identification.
• Potential to develop multiple new projects in Ohio, aligning with increasing light oil demand.

Negative

• None.

CALGARY, ALBERTA, April 18, 2023 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSXV: MAH) is pleased to announce that it has partnered with EMF Geoscience, Inc. (“EMF”) (www.emfgeoscience.com) and its personnel to work closely with Marksmen, and its Ohio based technical team, in developing light oil drilling opportunities in Ohio. In particular, EMF will assist in new project selection using its detailed analysis of the geology, seismic and historic well information from historic wildcat wells in the prolific oil basins (there are some 250,000 well locations dating back to as early as 1885). Primarily, EMF will use their access to modern 3-D seismic to precisely outline oil and gas reservoir drilling targets, with a focus on Ohio's Pennsylvania grade light gravity (42 API light crude oil), that is in high demand. For each target drilling location identified, Marksmen and EMF will negotiate in advance a seismic fee payable to EMF and a working interest, if EMF so chooses, in the well.

EMF is a Marietta, Ohio based exploration/geological consulting firm that assists oil and gas operators and investors with acquisition, development, and exploration of oil and gas properties. They are trusted advisors, investors, and partners alongside their clientele. EMF has been exploring the Knox Formation in Ohio for over 30 years and Marksmen believes has the most complete geological database of any party in Ohio. EMF has consulted to approximately 20 different clients inside of the Appalachian Basin and is responsible for approximately 50% of the total reserves found/produced in the Ordovician Knox Formations (Beekmantown, Rose Run and Upper/Lower Copper Ridge formations) of Ohio.

Marksmen will utilize the services of EMF, in conjunction with its Ohio based technical team to develop drilling locations in Ohio for 2023 and beyond. Marksmen is very excited about the numerous new projects that are now available to the Company, because of its partnership with EMF.

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 whether the partnership with EMF will develop new and economically scalable projects and drilling locations. 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.sedar.com.

FAQ

What is the significance of the partnership between Marksmen Energy and EMF Geoscience?

The partnership will enhance Marksmen Energy's ability to identify and develop light oil drilling opportunities in Ohio using EMF's geological expertise.

How will EMF contribute to Marksmen's drilling projects in Ohio?

EMF will provide detailed geological analysis and use advanced 3-D seismic technology to identify viable drilling targets.

What type of oil is Marksmen targeting in their projects?

Marksmen is focusing on Pennsylvania grade light gravity crude oil, which is in high demand.

What is the expected timeline for new projects initiated by Marksmen Energy?

Marksmen plans to develop new drilling locations in Ohio starting in 2023.

How does Marksmen's partnership with EMF impact their reserves in the Appalachian Basin?

EMF has contributed to approximately 50% of the total reserves found in the Ordovician Knox Formations in Ohio, suggesting potential for significant reserve additions for Marksmen.