CALGARY, ALBERTA, Sept. 08, 2022 (GLOBE NEWSWIRE) — Marksmen Energy Inc. (“snipers“or the”Company”) (TSXV:MAH) is pleased to announce the following update to its drill program:
Portage County, Ohio – Marksmen and its working partner, PEP Drilling LLC (“DYNAMISM”), successfully completed the Clinton Sandstone zone of the Reese #1 well. Marksmen managed the recompletion project and will pay 100% of the capital costs to gain an 80% working interest. The well was completed on or below budget.
All surface equipment, including a natural gas sales line, production tanks and pumping jack, is now fully operational. The well is producing and performing as expected. Previously injected completion water is currently being pumped out of the formation. As this water is removed, the production of natural gas and oil begins to increase. It is too early to predict the stabilization of daily natural gas and oil volumes, but the Company is satisfied with the first indications.
Pickaway County, Ohio – Marksmen, as part of its ongoing agreement with its long-term partner, Houghton Investments LLC (“Houghton”) is drilling four more Cambrian Knox compensation wells, back to back.
The Holbrook Davis #1 well was sunk on August 25, 2022 and the well was drilled to total depth on September 2, 2022. The well has been logged and a preliminary technical analysis and comparison with the Davis Holbrook #1 and Davis wells Holbrook #2 indicates that the pay zones on the logs appear to be at similar depths and thicknesses. There were hydrocarbon shows while drilling. A service rig is scheduled for September 13, 2022, when the well will be perforated, acidified, and then swabbed. The well is expected to be connected to the company’s existing battery and water injection facility and is expected to come on stream on or about September 16, 2022.
The Holbrook Davis #2 well was sunk on September 7, 2022 and is expected to reach total depth on or about September 14, 2022. The well will then be logged and cased, and is expected to be completed immediately upon swabbing the Holbrook Davis well n ° 1, then put into production no later than September 23, 2022.
The Davis Holbrook #1 and #2 wells were paid for in less than four months. The Davis Holbrook #1 well was drilled in 2016 and has produced over 70,500 gross barrels to date.
For further information regarding this press release, please contact Archie Nesbitt, Director and CEO of the company at (403) 265-7270 or email [email protected]
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This press release may contain certain forward-looking information and statements, including, without limitation, statements relating to drilling, testing and production of wells. 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 the assumptions used to prepare this forward-looking information and a description of the risk factors that could cause actual results to differ materially from the forward-looking information can be found in Marksmen’s disclosure documents on the SEDAR website at address www.sedar.com. Marksmen does not undertake to update forward-looking information except in accordance with applicable securities laws.