MARKSMEN ENERGY INC. : http://www.marksmenenergy.com/ : QwikReport

News Releases

#July 27, 2020
MARKSMEN ANNOUNCES SECOND CLOSING OF PRIVATE PLACEMENT AND EARLY WARNING REPORT

 CALGARY, ALBERTA, July 27, 2020 -- Marksmen Energy Inc. ("Marksmen" or the "Company") announces that it has completed the second closing of its previously announced non-brokered private placement of units (the "Units") of Marksmen (the "Offering"). The Company issued 3,150,000 Units at a price of $0.05 per Unit for aggregate gross proceeds of $157,500, bringing the aggregate total raised to date under the Offering to $321,000. Each Unit is comprised of one (1) common share ("Common Share") and one (1) share purchase warrant ("Warrant") of Marksmen. Each whole Warrant entitles the holder thereof to purchase one Common Share at a price of $0.075 per share expiring two (2) years from the date of issuance.

Marksmen paid no cash commissions pursuant to the second closing of the Offering.
Marksmen intends to use the gross proceeds from the second closing of the Offering to pay $135,000 toward the recompletion of a well targeting the Clinton Sandstone formation in Portage County, Ohio, and the remaining $ 22,500 as working capital.
Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The securities issued are subject to a four month hold period from the date of issuance.

The Company intends to complete a third and final closing no later than August 13, 2020.

Related Party Participation in the Private Placement

Insiders subscribed for all of the Units in the second closing of the Offering for a total of 100% of the Offering. As insiders of Marksmen participated in this second closing of the Offering, it is deemed to be a "related party transaction" as defined under Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions ("MI 61-101").

Neither the Company, nor to the knowledge of the Company after reasonable inquiry, a related party, has knowledge of any material information concerning the Company or its securities that has not been generally disclosed.

The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(c) and 5.7(1)(b)) as it was a distribution of securities for cash and neither the fair market value of the Units distributed to, nor the consideration received from, interested parties exceeded $2,500,000.

The Company did not file a material change report more than 21 days before the expected closing of the Offering because the details of the participation therein by related parties of the Company were not settled until shortly prior to the first closing of the Offering and the Company wished to close on an expedited basis for business reasons.

Early Warning Report

In connection with the second closing of the Offering, the Company issued 2,000,000 Units to Hans Koch, for total consideration of $100,000.

As of March 20, 2020, Mr. Koch had control of 10,120,094 Common Shares representing 8.64% of the issued and outstanding Common Shares and 5,416,947 Warrants. Assuming the exercise of the Warrants, Mr. Koch would have control or direction over 15,537,041 Common Shares, representing 12.68% of the issued and outstanding Common Shares as of March 20, 2020.

Immediately after the second closing of the Offering, Mr. Koch had control of 12,120,094 Common Shares representing 9.81% of the issued and outstanding Common Shares and 7,416,947 Warrants. Assuming the exercise of the Warrants, Mr. Koch would have control or direction over 19,537,041 Common Shares, representing 14.92% of the issued and outstanding Common Shares.

Mr. Koch's acquisition of the Units was made for investment purposes and Mr. Koch intends to increase or decrease his holdings in the Company depending on market conditions and as circumstances warrant.

A report respecting this acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for viewing on the Company's profile at www.sedar.com.

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 use of proceeds, the Company's ability to obtain necessary approvals from the TSXV and the Company's intention to complete a third and final closing. 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.
 
#July 17, 2020
MARKSMEN ANNOUNCES FIRST CLOSING OF PRIVATE PLACEMENT

 CALGARY, ALBERTA, July 17, 2020 -- Marksmen Energy Inc. ("Marksmen" or the "Company") announces that it has completed the first closing of its previously announced non-brokered private placement of units (the "Units") of Marksmen (the "Offering"). The Company issued 3,270,000 Units at a price of $0.05 per Unit for aggregate gross proceeds of $163,500. Each Unit is comprised of one (1) common share ("Common Share") and one (1) share purchase warrant ("Warrant") of Marksmen. Each whole Warrant entitles the holder thereof to purchase one Common Share at a price of $0.075 per share expiring two (2) years from the date of issuance.

Marksmen paid no cash commissions pursuant to the first closing of the Offering.
Marksmen intends to use the gross proceeds from the first closing of the Offering to pay $125,000 towards the recompletion of a well targeting the Clinton Sandstone formation in Portage County, Ohio, and the remaining $38,500 as working capital.
Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The securities issued are subject to a four month hold period from the date of issuance.

The Company intends to complete a second closing no later than July 23, 2020.

Related Party Participation in the Private Placement

Insiders subscribed for all of the Units in the first closing of the Offering for a total of 100% of the Offering. As insiders of Marksmen participated in this first closing of the Offering, it is deemed to be a "related party transaction" as defined under Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions ("MI 61-101").

Neither the Company, nor to the knowledge of the Company after reasonable inquiry, a related party, has knowledge of any material information concerning the Company or its securities that has not been generally disclosed.

The Offering is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(c) and 5.7(1)(b)) as it was a distribution of securities for cash and neither the fair market value of the Units distributed to, nor the consideration received from, interested parties exceeded $2,500,000.

The Company did not file a material change report more than 21 days before the expected closing of the Offering because the details of the participation therein by related parties of the Company were not settled until shortly prior to the first closing of the Offering and the Company wished to close on an expedited basis for business reasons.

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 use of proceeds, the Company's ability to obtain necessary approvals from the TSXV and the Company's intention to complete a second closing. 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.
 
#June 29, 2020
MARKSMEN ANNOUNCES INITIAL PRODUCTION RESULTS FROM THE MEREDITH #1 WELL PROPOSED PRIVATE PLACEMENT EXTENSION OF DEBENTURE

 CALGARY, ALBERTA, June 29, 2020 -- Marksmen Energy Inc. ("Marksmen" or the "Company") is pleased to announce the following:

Initial Production Results of the Meredith #1 well at Portage County, Ohio - Marksmen has a Joint Operating Agreement with PEP Drilling LLC ("PEP") of Ohio, to recomplete up to 40 Clinton Sandstone formation wells in Portage County, Ohio. Under the terms of the agreement Marksmen would pay 100% of the capital costs to earn an 80% working interest until 125% of capital payback is reached (estimated to be approximately six months). Marksmen has agreed that PEP has the right to participate in paying a share of the capital costs up to 25% and working interests would be adjusted accordingly.

The Meredith #1 well is now completed and on production. The well was successfully hydraulically fractured with approximately 5,000 barrels ("bbls") of water plus sand introduced into the formation at 1,450 psi. The current phase of production is the 'clean-up' stage where frac water is being recovered or 'de-watered', while still producing oil and gas. As the de-watering volumes have decreased, oil and gas production has been increasing.

Currently, production is approximately 50 bbls of fluid (oil and water) per day. The oil production is 20 bbls per day and natural gas is 60 thousand cubic feet per day ("mcf/day") (6 mcf is an energy equivalent of 1 bbl of oil) with a combined total of 30 barrels of oil equivalent per day. The oil is a high-quality Pennsylvania grade light oil, with an API of 42 and is sold based on West Texas Intermediate pricing. The natural gas meets pipeline specifications and is being sold at prices based on NYMEX prices. As the de-watering process continues, the Company anticipates, based on analogous wells, that the oil and gas production will increase. A pressure gradient test has not been carried out and the current production numbers are not necessarily indicative of long-term performance.

Archie Nesbitt, President and Chief Executive Officer of Marksmen states "I am very pleased with the initial production from this first of many recomplete well opportunities. We look forward to beginning the next well sometime in the next 30 days. This 40 well recomplete program has the potential to add significantly to the Company's oil and gas production and allow Marksmen to move to another level. I would like to thank all of our valued shareholder base for their unwavering and continued support."

Proposed Private Placement - Marksmen announces that it plans to complete a non-brokered private placement of up to 9,000,000 units (the "Units") of Marksmen at a price of $0.05 per Unit for aggregate gross proceeds of up to a maximum of $450,000 (the "Offering"). There is no minimum Offering. The Units will be comprised of one (1) common share ("Common Share") and one (1) share purchase warrant ("Warrant") of Marksmen. Each whole Warrant entitles the holder thereof to purchase one Common Share for $0.075 expiring two (2) years from the date of the closing of the Offering.

Marksmen may pay a cash commission or finder's fee to qualified non-related parties of up to 8% of the gross proceeds of the Offering (up to $36,000) and broker warrants (the "Broker Warrants") equal to up to 8% of the number of Units sold in the Offering (up to 720,000 Broker Warrants). Each Broker Warrant will entitle the holder to acquire one Common Share at a price of $0.05 per Broker Warrant for a period of one (1) year from the date of issuance.

In the following order depending on the proceeds raised Marksmen intends to use the net proceeds of the Offering to pay debenture interest of $75,000, $250,000 toward the recompletion of wells targeting the Clinton Sandstone formation in Portage County, Ohio and the remaining $125,000 as working capital.

The Offering is being offered to all of the existing shareholders of Marksmen who are permitted to subscribe pursuant to the Existing Shareholder Exemption. This offer is open until August 15, 2020 or such other date or dates as the Company determines and one or more closings are expected to occur, with the first closing anticipated for July 21, 2020.

Any existing shareholders interested in participating in the Offering should contact the Company pursuant to the contact information set forth below.

The Company has set June 26, 2020 as the record date for determining existing shareholders entitled to subscribe for Units pursuant to the Existing Shareholder Exemption. Subscribers purchasing Units under the Existing Shareholder Exemption will need to represent in writing that they meet certain requirements of the Existing Shareholder Exemption, including that they were, on or before the record date, a shareholder of the Company and still are a shareholder as at the closing date. The aggregate acquisition cost to a subscriber under the Existing Shareholder Exemption cannot exceed $15,000 unless that subscriber has obtained advice from a registered investment dealer regarding the suitability of the investment.

As the Company is also relying on the Exemption for Sales to Purchasers Advised by Investment Dealers, it confirms that there is no material fact or material change related to the Company which has not been generally disclosed. In addition to offering the Units pursuant to the Existing Shareholder Exemption and the Exemption for Sales to Purchasers Advised by Investment Dealers, the Units are also being offered pursuant to other available prospectus exemptions, including sales to accredited investors. Unless the Company determines to increase the gross proceeds of the Offering, if subscriptions received for the Offering based on all available exemptions exceed the maximum Offering amount of $450,000, Units will be allocated pro rata among all subscribers qualifying under all available exemptions.

Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The Common Shares and Warrants issued will be subject to a four month hold period from the date of the closing of the Offering.

It is expected that insiders of the Company will participate in the Offering.

Extension of Debenture - Marksmen has reached an understanding that effective July 1, 2020 the debenture holder will extend its non-convertible secured debenture ("Debenture") that expires on December 31, 2020 to now expire on December 31, 2021. In connection with the extension to the expiry date, the Company has agreed to modify the warrant exercise price on 1,800,000 warrants issued in connection with the Debenture from $0.10 to $0.075. All other terms of the Debenture will remain the same. Completion of the modifications to the Debenture and the warrants issued in connection with the Debenture is subject to regulatory approval, including the approval of the TSX Venture Exchange.

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, the closing of the private placement, statements pertaining to the use of proceeds, production of the Meredith #1 well, the closing of the understanding with the holder of the Debenture and the Company's ability to obtain necessary approvals from the TSX Venture Exchange. 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.
 
#June 18, 2020
Q1 2020 FILINGS ON SEDAR AND OPERATIONAL UPDATE

 CALGARY, ALBERTA, June 18, 2020 -- Marksmen Energy Inc. ("Marksmen" or the "Company") announces that it has filed disclosure documents for the three months ended March 31, 2020 on SEDAR as listed below:
• Unaudited Financial Statements
• Management's Discussion and Analysis
• CEO certificate of interim filings
• CFO certificate of interim filings

These documents can be found in Marksmen's disclosure documents on the SEDAR website at www.sedar.com.

Operational Update

Marksmen has a Joint Operating Agreement with PEP Drilling LLC of Ohio, to recomplete up to 40 wells where the Clinton Sandstone was bypassed when the wells were drilled a number of years ago that targeted a much deeper horizon. These wells are located in Portage County, Ohio with good access roads and come complete with a full complement of surface and downhole equipment.

Marksmen is pleased to announce that the first Clinton Sandstone recomplete bypass well was perforated on May 26, 2020 and hydraulic fractured on May 28. As of June 12, 2020, the well is now in the production testing phase and preliminary flow rates for both oil and natural gas continue to be very positive. Work is continuing to increase pumping rates, add an additional production tank, and generally fine tune production operations. An initial production rate will be announced as soon as possible.

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 flow rates. 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.
 
#May 29, 2020
ANNUAL FILINGS ON SEDAR AND OPERATIONAL UPDATE

 CALGARY, ALBERTA, May 29, 2020 -- Marksmen Energy Inc. ("Marksmen" or the "Company") announces that it has filed disclosure documents for the year ended December 31, 2019 on SEDAR as listed below:

• Audited Consolidated Financial Statements
• Management's Discussion and Analysis
• Form 51-101F1 - Statement of Reserve Data and Other Oil and Gas Information
• Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserve Evaluator
• Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure
• Annual Information Form
These documents can be found in Marksmen's disclosure documents on the SEDAR website at www.sedar.com.

Operational Update

Marksmen has a Joint Operating Agreement with PEP Drilling LLC of Ohio, to recomplete up to 40 wells where the Clinton Sandstone was bypassed when the wells were drilled a number of years ago that targeted a much deeper horizon. These wells are located in Portage County, Ohio with good access roads and come complete with a full complement of surface and downhole equipment.

Marksmen is pleased to announce that the first Clinton Sandstone recompletion was perforated on May 26, 2020 and hydraulic fractured on May 28, 2020. Initial flow rates are encouraging; however, production testing is ongoing. Production information will be released as it becomes available.

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 flow rates. 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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