| ||January 18, 2018|
MARKSMEN ANNOUNCES UPDATE ON LEAMAN 1-H HORIZONTAL WELL
| ||Calgary, Alberta, January 18, 2018. Marksmen Energy Inc. ("Marksmen" or the "Company") and Its wholly owned subsidiary, Marksmen Energy USA, Inc. is pleased to announce that drilling has commenced on it's Leaman 1-H Clinton Sandstone Horizontal well in Hocking County, Ohio. The well is expected to reach total depth by January 31, 2018. |
The working interest partners in the well, through the operator, Hocking Hills Energy and Well Services LLC ("HHEWS") has entered into an agreement with BATTELLE MEMORIAL INSTITUTE ("Battelle"). Battelle is the world's largest Research and Development non-profit organization. Battelle's Energy Business group performs research into subsurface resource management, including oil and gas research and carbon dioxide (CO2) storage subsurface. As part of this research portfolio, Battelle is executing a project in conjunction with the Ohio Development Services Agency (ODSA) through the Ohio Coal Development Office (OCDO). This project is to investigate the potential for CO2 storage in Ohio's depleted oil and gas fields, storing CO2 and performing enhanced oil recovery (EOR) simultaneously.
Battelle has agreed to participate in Marksmen's (60% working interest) exciting ground-breaking Leaman 1-H well in Hocking County, Ohio. They will evaluate the prime target for CO2 storage and concurrent EOR operations is in Hocking County's Gore Consolidated Oilfield. The Gore Consolidated Oilfield produces from the Clinton Sandstone and can be considered a primary target for CO2 storage evaluation because of relatively poor (10-15%) primary recovery of the oil in place, leading to many reserves remaining to be exploited.
Battelle will participate in the new well planned for Washington Township, Hocking County, the Leaman 1-H well. This well will be the first of its kind in Hocking County and the Gore Consolidated Oilfield, presenting a unique opportunity to collect never-before available data. The Leaman 1-H well will be a horizontal Clinton oil well. This well presents the opportunity to explore untapped oil and to realize the potential of horizontal completions in the Clinton Sandstone in Hocking County.
Battelle's participation includes data collection that has not yet been performed on any horizontal Clinton well in Ohio (to our knowledge). Following drilling, Battelle will run a suite of wireline tools to collect valuable downhole data, including running a triple combo log to assess porosity and other geologic characteristics and an acoustic log to assess geo-mechanical properties (critical to understanding formation mechanics for potential CO2 storage). Following the wireline logging tool deployment, Battelle will run a series of downhole pressure reservoir tests to evaluate the permeability profile and investigate downhole fluid saturation and movement. This information is valuable for potential CO2 storage, but will inform production potential and show targeted areas for high permeability, completion targets for production. This information will be valuable for developing future wells, to target intervals within the Clinton Sands for stimulation and production. This data has the potential to have a large impact of the understanding of the downhole properties and production potential of the Gore Consolidate / Hocking County Clinton Sandstone. The estimate cost, paid solely by Battelle, is $500,000-$ 750,000.
This well was selected for evaluation by Battelle because it is the first of its kind and will provide never-before-available datasets to aid Battelle's subsurface research initiatives, but the data will be open for use to HHEWS and its partners in the well to develop the oil production potential in the local region. This partnership is set up such that Battelle will pay for the data collection, analyze the data, and share the results with HHEWS for future use. Data will remain confidential for a period of time specified in the agreement between the parties.
For additional information regarding this news release please contact Archie Nesbitt, CEO and President at (403) 265-7270 e-mail email@example.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 drilling and other opportunities available to Marksmen. 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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