MARKSMEN ANNOUNCES UPDATE TO THE 2022 CAPITAL PROGRAM
2022年7月15日 - 10:15PM
Marksmen Energy Inc. (“
Marksmen” or the
“
Company”) (TSXV: MAH) is pleased to announce the
following capital projects for the last half of 2022:
Portage County,
Ohio – Joint Operating Agreement with PEP Drilling
LLC (‘PEP’)Marksmen and PEP have agreed to move forward
under the terms of an original agreement dated October 2019 and
revised in July 2022 to recomplete the next three wells in a
program that could include up to 40 recompletion wells. In each
well, the lower Rose Run formation will be plugged back and the
higher Clinton Sandstone formation, which was previously bypassed,
will be completed. Marksmen will pay 100% of the capital cost to
earn an 80% working interest. PEP will be the operator of the wells
and Marksmen will provide technical assistance as required. The
service rig is scheduled to be available for the first well within
two weeks and each well will take approximately ten days to
complete and put on production. All the necessary rods, tubing,
lift equipment, and tanks are currently in place.
The capital cost for each well recompletion is
expected to be $185,000 USD and will be funded from existing cash
on hand.
Additionally, the Company’s technical team is
evaluating several Rose Run formation drilling opportunities that
PEP has made available to joint venture with Marksmen. The new
wells are adjacent to other Rose Run wells that have each produced
and average of approximately 145,000 barrels of oil equivalent
(‘boe’) of oil and associated natural gas, with some of these wells
producing over 75,000 boe in the first year of production.
Pickaway County, Ohio –
Joint Operating Agreement
with Houghton Investments LLC (‘Houghton’)Following the
success of its two Davis Holbrook wells at Pickaway County,
Marksmen, as previously announced in February of 2022, has an
agreement with its long-term partner, Houghton Investments LLC
(“Houghton”) to drill three additional Cambrian
Knox Davis Holbrook offset wells. Marksmen will be the operator and
Houghton will have the option prior to spudding of each well to
participate from 10% to 25% as a working interest partner.
Surveying has been completed and permits are in place. The drilling
rig is contracted to Marksmen and is scheduled to arrive upon
completion of its current drilling contract. Each well will take
approximately one week from spud to production testing, and it is
planned to drill the wells back-to-back. Surface equipment
including tanks and pumpjacks, and water disposal lines, will be
put in place shortly after drilling of each well and the wells will
be put on production shortly thereafter.
Marksmen and Houghton also plan to drill a
fourth well, under the same agreement, at the Walker-Sheets
location, another Cambrian Knox remnant target delineated by
Marksmen’s 3D seismic acquisition programs. Marksmen will also be
the operator of this well and the working interest split will be
50% for Marksmen and 50% for Houghton.
The capital cost of each well to drill,
complete, equip and tie-in is expected to be $350,000 USD. Marksmen
expects to pay for its share of these wells from existing cash on
hand, cash flow from operations, and proceeds from the exercise of
warrants and/or a private placement.
Marksmen is also in the process of permitting
three additional wells in Pickaway County offsetting an existing
producing well delineated by our 3D seismic program, which was put
on production in 2017. We anticipate drilling and completing these
wells in the fall of 2022.
South-Central Ohio – Drilling
opportunity Marksmen is currently evaluating the
feasibility of an exciting Cambrian Knox remnant development
opportunity in south-central Ohio. The preliminary 2 D seismic
outlines a large potential target but requires further technical
evaluation and additional 2D or 3D seismic to develop a number of
drilling locations. Marksmen is currently in the process of leasing
acreage required for this development.
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 without
limitation, statements pertaining to the recompletion and/or
drilling of wells, and evaluating the feasibility of new
development opportunities. 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.
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