Marksmen Announces Joint Venture and Commencement of Drilling Operations
25 June 2014 - 5:54AM
Marketwired
Marksmen Announces Joint Venture and Commencement of Drilling
Operations
CALGARY, ALBERTA--(Marketwired - Jun 24, 2014) - Marksmen Energy
Inc. ("Marksmen" or the "Company") (TSX-VENTURE:MAH) is pleased to
announce that on June 20, 2014 it entered into a joint venture
agreement with Houghton Investments LLC (hereinafter "Houghton")
whereby Marksmen will acquire a 50% working interest in a well on a
lease of approximately 50 acres in Morrow County, Ohio, by paying
50% of the drilling and completion costs. In addition to the first
well, Marksmen has an option to participate in a second well under
the same terms and conditions.
The target is a Cambrian Knox formation that Houghton delineated
by using three dimensional seismic technology.
On June 23, 2014, the rig moved onto location and has begun
drilling operations. The well has a target depth of 3,400 feet. It
is expected to take approximately two weeks to drill and
complete.
The project area is located on the east central side of the
Morrow County Cambrian Knox field that has cumulative production of
45,000,000 barrels of light oil (Ohio Geological Society).
Individual well recoveries within portions of the field are
reported as high as 500,000 barrels of oil (Society of Petroleum
Engineers, Journal of Petroleum Technology).
Further information will be released as it becomes
available.
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 Company's drilling plans and
operations. 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.
Marksmen Energy Inc.Archie Nesbitt, President, Chief Executive
Officerand a Director of the Company(403)
265-7270info@marksmen.ca
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