RE:October. Transformational month for Marksmen Energy In late August of 2022 Marksmen commenced a three well development drilling program in Pickaway County, Ohio in the Cambrian Knox formation. As of October 7, 2022, the three wells have been drilled to total depth and each well has been acidized and swab tested. With each swab pull there were excellent oil shows to the surface tanks/pits. Archie Nesbitt, CEO and President of Marksmen states: “It is very satisfying to me that our team in Ohio was able to successfully drill three wells in a short period of time, I look forward to a dramatic increase in Marksmen’s production and cash flow as these wells are put on production, beginning with the first well in approximately one week, and in the future as Marksmen continues its aggressive drilling programs in Ohio.” The Holbrook Davis #1well has all down hole equipment and surface equipment in place. Production flow lines to Marksmen’s battery located at the DH1 well location are currently being installed. Marksmen anticipates this well will be put on production within a few days. Marksmen has a 75% working interest in this well.
The Holbrook Davis #2 and Davis #1 wells will have production tanks, and other surface equipment installed at a shared battery location in the next two weeks, and it is anticipated that these wells will be put on production by the end of October. Marksmen has a 100% working interest in these wells until 125% of all capital costs are recovered and then it reverts to 75%