| ||December 19, 2018|
MARKSMEN ANNOUNCES OPERATIONAL UPDATE
| ||CALGARY, ALBERTA, December 19, 2018 -- Marksmen Energy Inc. ("Marksmen" or the "Company") is a 60% working interest partner in a Clinton Sandstone Horizontal ("CSH") well drilled in Hocking County, Ohio. The operator of the well is Hocking Hills Energy and Well Services LLC of Ohio. The Leaman #1 CSH well has been drilled and completed with a 12-stage hydraulic fracturing program. |
The remedial work required due to technical difficulties encountered after the hydraulic fracturing program has now been completed in two stages. First, a service rig was used to set a whip-stock system at 3,222 feet and this was completed on November 15, 2018. Then on December 7, 2018 a top drive drilling rig completed milling through the casing and then commenced drilling of a new horizontal/lateral leg paralleling the original well bore. The well reached its total depth at 4,656 ft on December 18, 2018.
Marksmen is very pleased that the whip-stock and drilling operations have been completed successfully as follows:
• The new lateral leg was drilled parallel to and within 10 to 20 feet of the original lateral leg.
• The original 12 stage hydraulic fracturing program was confirmed by the fracture systems encountered all along the new lateral leg. This indicates that the new lateral leg has been successfully positioned in the hydraulic fractured Clinton Sandstone formation.
• Cutting samples, taken at regular intervals indicate oil fluorescence and fracture sand and there have been shows of oil to surface.
Marksmen is awaiting confirmation from the operator of the Leaman #1 CSH well to determine the timing to complete, production test and equip the well with production and surface equipment and then place the well on production.
By way of its agreement with the operator, the Company has interests in 5,500 acres of additional land with several potential Clinton Sandstone Horizontal well locations. The Company plans an aggressive drilling program in 2019 to fully develop the acreage and drill additional CSH well opportunities, subject to financing. Marksmen believes that the Clinton Sandstone has significant potential as a development play that will materially increase its oil production.
Marksmen would again like to thank our shareholders for their patience and understanding of the challenges that have been faced and endured by our Ohio team of professionals in drilling the Leaman #1 CSH well.
For additional information regarding this news release please contact Archie Nesbitt, Director and CEO of the Company 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 may contain certain forward-looking information and statements, including without limitation the timing and success of the completion, testing and equipping operations. 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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