NEWS OUTCALGARY, ALBERTA--(Marketwired - June 16, 2014) - Marksmen Energy Inc. (TSX VENTURE:MAH) ("Marksmen" or the "Company") is pleased to announce that Marksmen and its Joint Venture Partner, Houghton Investments
LLC ("Houghton"), completed the drilling of their fourth well (B-78-10),on June14, 2014. During the drilling of the Cambrian Knox formation the well circulated oil to surface. The well has been logged and is currently in the process of being cased and completed. The well will be tied-in with appropriate tanks, pump jack and other surface equipment and put on production as quickly as possible. Marksmen has a 90% working interest in the well.
The first well drilled, which was drilled in early May, is now operating under electric power as of June 14, 2014 which allows the well to be produced optimally on a 24 hour schedule. The well is tied in to both oil tanks and a water injection well.
The zone that was completed on the Number 2 Well has been determined to be uneconomic as an oil producing zone but it has excellent technical parameters to be a water injection/disposal well which is an important asset given the oil in this formation is on top of a water driven reservoir. Additionally, there are other oil bearing zones that have the potential of being completed at a later date. The well has been suspended.
The Number 3 Well has been completed and tied-in to tanks and other surface equipment, including a water injection well. The well has, since being drilled, flowed oil, periodically, under its own reservoir pressure. An Allen 80 pump jack, with 80,000 torque pounds of lift, has been ordered for this well with 2 7/8 inch tubing in the well. The pump jack is rated at 250 BPD, at twelve strokes per minute.
Read more at https://www.stockhouse.com/news/press-releases/2014/06/16/marksmen-announces-drilling-completions-and-strategic-update#ctUIGr9woYGK1EAC.99