| ||August 23, 2018|
MARKSMEN ANNOUNCES OPERATIONAL UPDATE
| ||CALGARY, Alberta, Aug. 23, 2018 |
Marksmen Energy Inc. ("Marksmen" or the "Company") and its wholly owned subsidiary Marksmen Energy USA, Inc. announces the following:
At the Leaman #1 Horizontal well in Hocking County, Ohio, Marksmen is a 60 % working interest owner in this well operated by Hocking Hills Energy and Well Services LLC. of Ohio. As stated in an earlier press release this well encountered a number of oil and gas shows during the drilling and fracturing of the well. The well has been successfully completed using multi-stage hydraulic fracturing. During the process to remove the multi-stage zone separation plugs in the production casing, the Operator experienced technical difficulties. Marksmen is providing support to the Operator from its technical team and expert contractors.
After extensive downhole investigation and engineering analysis of the results of the investigation, a plan has been completed to begin remedial operations in mid-September 2018. The timing is later than expected but unfortunately the operation has been delayed due to drilling and other equipment availability.
The plan is to use a whip-stock drilling procedure to drill a new horizontal leg just above the existing cased horizontal leg but still in the multi-staged fractured zone. The reservoir has already been fractured with large amounts of water and sand and all standards of care will be taken to ensure a successful operation. Initially, a smaller rig was being planned but now a top drive drilling rig will be used to provide the necessary pulldown power with additional greater capabilities and fully experienced crews in drilling horizontal wells. Other expertise and equipment including wellsite drilling engineering management, directional drilling services, drill bit selection, wellsite storage tanks and any other necessary equipment and services will be staged and available.
Marksmen and its joint venture participants are looking forward to the completion of this well, production testing, and then putting the well on production. Numerous additional Clinton Sandstone horizontal wells can be targeted on the leases held by the joint venture.
For additional information regarding this news release please contact Archie Nesbitt, CEO and President at (403) 265-7270 or e-mail firstname.lastname@example.org.
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, or the documents referenced may contain certain forward-looking information including without limitation the corporation's drilling and operational plans and the timing thereof. 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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