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

News Releases

#March 15, 2021
MARKSMEN ANNOUNCES ITS 2021 DRILLING PROGRAM WITH THE CONTINUATION OF ITS STRATEGIC 40 WELL RECOMPLETE PROGRAM AND OTHER DEVELOPMENT OPPORTUNITIES IN OHIO, USA

 CALGARY, ALBERTA, March 15, 2021 -- Marksmen Energy Inc. ("Marksmen" or the "Company") (TSXV: MAH) is pleased to announce the following:

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.

The Clinton Sandstone is historically one of the most prolific producing formations in Ohio, spread over several counties, with many thousands of wells drilled. The recompletes in this 40 well program are in wells that originally targeted a deeper zone and bypassed the Clinton Sandstone formation entirely and left it untapped. Management believes the geological risk with these wells is minimal.
The Ryan #1 well is the second well under this program. On March 9, 2021, a service rig commenced work on recompleting this well. It has approximately 70 feet of pay in the Clinton Sandstone formation at a target depth of approximately 4,500 feet. It is expected that the recomplete program will take approximately two weeks. Once the Ryan well is completed and production tested successfully, the service rig will then move to the third location in the 40 well program. The plan is for back-to-back, continuous development of this program.
Marksmen is also in discussions with operators to drill one or more Rose Run vertical or horizontal wells. There are many analogous wells in the area that show initial production in the Rose Run in the 100 bbl per day range. The Marksmen management team is working to expand this runway of opportunity significantly in the next six months. More details on the expansion will be announced as they are contracted.


Pickaway County, Ohio - Marksmen is completing initial work including surveying, state permitting etc. to drill the first of up to five vertical offset wells to Marksmen's Davis Holbrook #1 ("DH-1"). Marksmen holds a 75% working interest. The DH-1 is Marksmen's best well, drilled in 2016, with initial production in the 80 bbls of oil per day range. It has since produced over 47,000 bbls of oil and continues to produce at approximately 25 bbls of oil production per day. The Davis Holbrook #2 (DH-2) offset, also on a 3D Seismic Cambrian Knox formation high, is also expected by management to be a strong, productive well. We anticipate that drilling operations will commence in early to mid-April. The well will be tied-in to the existing surface infrastructure currently in place for the DH1 well.
Other Ohio opportunities - Marksmen's technical management team in Ohio has developed contacts with several Ohio operators and consulting geologists who have brought several promising Rose Run, Knox and other joint venture opportunities to the Company that are currently in the process of being evaluated and prioritized.
Marksmen receives WTI pricing for its Pennsylvania Grade Light Oil that is in high demand for use in specialty products. Refineries purchase the oil at Marksmen's well locations and Marksmen has no transportation or storage costs. A recent annual study of the industry by KPMG confirms that Marksmen's operating net backs are among the highest in the industry.
Archie Nesbitt, President and Chief Executive Officer of Marksmen states "The resurgence of the West Texas Intermediate oil price ("WTI") to over $60 US per barrel will invigorate the Ohio oil industry and Marksmen is well positioned through our strong technical management team and contacts in Ohio to embark on new and exciting projects. The Company has already been approached by a number of attractive proposals that are in the process of being evaluated and prioritized."
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 future drilling program and timing. 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.
 
#February 09, 2021
MARKSMEN ANNOUNCES FINAL CLOSING OF INCREASED PRIVATE PLACEMENT AND GRANT OF STOCK OPTIONS

 CALGARY, ALBERTA, February 9, 2021 -- Marksmen Energy Inc. ("Marksmen" or the "Company") (TSXV: MAH) announces that it has completed the second and final closing of its previously announced non-brokered private placement of units (the "Units") of Marksmen (the "Offering") which was increased pursuant to the Company's news release dated February 1, 2021. The Company issued 12,575,000 Units at a price of $0.04 per Unit for aggregate gross proceeds of $503,000, bringing the total aggregate gross proceeds raised under the Offering to the maximum of $600,000. 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 $0.07 per share expiring two (2) years from the date of issuance.

Pursuant to the Offering, Marksmen paid cash commissions to qualified non-related parties of $34,480 and issued 862,000 broker warrants entitling the holder to acquire one Common Share at a price of $0.05 per share for a period of one (1) year from the date of issuance.

Marksmen intends to use the net proceeds from the Offering of $565,520 to pay $75,000 of debenture interest, $400,000 towards drilling or recompletion of wells in Ohio and $90,520 towards working capital.

Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. ("TSXV"). The securities issued are subject to a four month hold period from the date of issuance.

Related Party Participation in the Private Placement

Insiders subscribed for 1,925,000 Units in the final closing of the Offering for a total of 15.31%. As insiders of Marksmen participated in the final 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 final 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 final closing of the Offering and the Company wished to close on an expedited basis for business reasons.

Stock Option Grants

Marksmen also announces the granting of stock options to purchase 3,985,000 common shares of the Company to directors, officers, employees and consultants subject to regulatory and TSXV approval. The options were issued with an exercise price of $0.05 per share, vest as to one-third (1/3) immediately and one-third (1/3) on each of the first and second anniversaries of the grant date and have a five-year term from the date of issuance.

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 and the Company's ability to obtain necessary approvals from the TSXV. 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.
 
#February 01, 2021
MARKSMEN ANNOUNCES INCREASED PRIVATE PLACEMENT

 CALGARY, ALBERTA, February 1, 2021 -- Marksmen Energy Inc. (TSXV: MAH) ("Marksmen" or the "Company") is pleased to announce that it has increased its previously announced non-brokered private placement of up to 8,750,000 units (the "Units") of Marksmen at a price of $0.04 per Unit for aggregate gross proceeds of up to a maximum of $350,000 (the "Offering") to up to 15,000,000 Units for aggregate gross proceeds of up to a maximum of $600,000. Marksmen previously announced a first closing of the Offering pursuant to which $97,000 was raised and intends to complete additional closings to raise the maximum under the Offering. All other terms of the Offering remain the same. 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 $0.07 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 $48,000) and broker warrants (the "Broker Warrants") equal to up to 8% of the number of Units sold in the Offering (up to 700,000 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 $75,000 of debenture interest, $400,000 towards drilling or recompletion of wells in Ohio and $77,000 towards 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 March 18, 2021 or such other date or dates as the Company determines and one or more closings are expected to occur, with the next closing anticipated for on or before February 10, 2021.

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

The Company set December 18, 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 $600,000, 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.

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, 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 wit
 
#December 31, 2020
MARKSMEN ANNOUNCES FIRST CLOSING OF PRIVATE PLACEMENT

 CALGARY, ALBERTA, December 31, 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 2,425,000 Units at a price of $0.04 per Unit for aggregate gross proceeds of $97,000. 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 $0.07 per share expiring two (2) years from the date of issuance.

Marksmen paid no cash commissions pursuant to the Offering.
Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of The TSX Venture Exchange Inc. ("TSXV"). The securities issued are subject to a four month hold period from the date of issuance.

Further to Marksmen's news release of November 18, 2020, in order to comply with the requirements of the TSXV, the Broker Warrants will have an exercise price of $0.05 per Broker Warrant.

Related Party Participation in the Private Placement

Insiders subscribed for all of the 2,425,000 Units in the first closing of the Offering for a total of 100%. 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 and the Company's ability to obtain necessary approvals from the TSXV. 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
 
#December 18, 2020
MARKSMEN ANNOUNCES PROPOSED PRIVATE PLACEMENT AND CHANGES TO BOARD OF DIRECTORS

 CALGARY, ALBERTA, December 18, 2020 -- Marksmen Energy Inc. ("Marksmen" or the "Company") is pleased to announce that it plans to complete a non-brokered private placement of up to 8,750,000 units (the "Units") of Marksmen at a price of $0.04 per Unit for aggregate gross proceeds of up to a maximum of $350,000 (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 $0.07 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 $28,000) and broker warrants (the "Broker Warrants") equal to up to 8% of the number of Units sold in the Offering (up to 700,000 Broker Warrants). Each Broker Warrant will entitle the holder to acquire one Common Share at a price of $0.04 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 $75,000 of debenture interest, $200,000 towards recompletion of wells targeting the Clinton Sandstone formation in Portage County, Ohio and $47,000 towards 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 February 1, 2021 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 on or before December 30, 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 December 18, 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 $350,000, 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.
Changes to Board of Directors

Marksmen also announces that it held its annual and special meeting of shareholders today, at which Dr. Peter Geib, a director of the Corporation, did not stand for re-election. The board of directors and management of the Corporation thank Dr. Geib for his dedication and services to Marksmen and wish him every success in his future endeavors. Subject to the approval of the TSX Venture Exchange, Martin (Marty) Shumway has been elected to the board of directors and has also been appointed as the Vice President, Operations of the Corporation. Mr. Shumway has previously worked closely with Marksmen as Vice President of Operations of the Corporation's subsidiary, Marksmen Energy USA, Inc., and the board of directors looks forward to working with him on the board of Marksmen.

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, 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.
 

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