CALGARY, ALBERTA--(Marketwired - March 4, 2014) -
NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Marksmen Energy Inc. (TSX VENTURE:MAH) ("Marksmen" or the "Company") has completed its first 3D seismic acquisition program in Ohio and is currently interpreting seismic data processed by two independent consultants in Colorado and Ohio and selecting drill sites.
The 3D seismic survey has outlined numerous shallow Cambrian Knox formation light oil targets.
Based on Marksmen's interpretation of the 3D seismic data, and historic wildcat wells that produced light oil from Marksmen's target Cambrian Knox formation, Marksmen will initially permit the drilling of five (5) vertical oil wells within the 3D seismic area. Marksmen has received an initial AFE which estimates drilling and completion costs to be under $300,000 per well.
As reported by the Ohio Department of Natural Resources Division of Oil and Gas Resources on December 31, 2011, six (6) wells completed in the Cambrian Knox formation, within 3.5 miles of Marksmen's 3 D Survey, have produced more than 40,000 barrels of oil each, with an average of more than 90,000 barrels of oil, and a maximum of more than 178,000 barrels of oil.
Marksmen and its joint venture operator are currently negotiating with drilling contractors and drilling is expected to commence in a few weeks.
The Company is continuing with its lease acquisition program in Ohio.
For additional information regarding this news release please contact Archie Nesbitt, Director of the Company at (403) 265-7270 or e-mail info@marksmen.ca.
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 drilling operations of the Company. 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.