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

News Releases

#October 01, 2021
MARKSMEN ANNOUNCES OPERATIONAL UPDATE

 CALGARY, ALBERTA, October 1, 2021 -- Marksmen Energy Inc. ("Marksmen" or the "Company") (TSXV: MAH) announces the following:

Pickaway County, Ohio -- Further to Marksmen's news release dated August 26, 2021, Marksmen is pleased to provide further information with respect to the drilling of the Davis Holbrook #2 well ("DH2") in the Cambrian Knox formation. Marksmen is the operator of the well and holds a 75% working interest. It is the first of up to five vertical offset wells to Marksmen's Davis Holbrook #1 well ("DH1"). DH1 is Marksmen's best well to date, drilled in 2016, with initial production over 80 bbls of oil per day. It has since produced over 64,000 barrels of oil and continues to produce at approximately 25 bbls of oil per day.

Completing DH2 was delayed waiting on a service rig. On September 29, 2021, the lower of three zones was perforated at an interval between 2,408 and 2,416 feet, and then acidized. With high porosity and permeability, this formation does not require hydraulic fracturing. DH2 was then swabbed for the remainder of the daylight hours. It swabbed oil and saturated natural gas at a swab rate of 16 bbls of oil per hour or 384 bbls per day. DH2 was then shut-in overnight. When operations were resumed in the morning the oil level rose from bottom up to within 200 feet of surface, an indicator of a gas charged oil reservoir. DH2 was again swabbed for an additions five hours at the same rates per hour. There was no water produced during the swabbing process.

Marksmen, in conjunction with our operating partner, decided to hold off perforating the upper two zones and to concentrate on bringing this lower zone on production and to technically evaluate its productivity and potential independent of the other two zones. DH2 will be carefully produced, using best oilfield production practises. It should be noted that swabbing rates are not necessarily an indicator of daily pumping rates or indication of long term performance or ultimate recovery. However, Marksmen expects the initial production rates could exceed those of DH1.

Production tubing and rods have now been installed in DH2. Flow lines to the existing DH1 tank battery, as well as a pumpjack and related equipment will be installed in the next few days and DH2 will be brought on production. It is anticipated that the upper zones, that have similar logs and characteristics of the lower zone, will be perforated, and brought on production as soon as possible.

Southeast Ohio Drilling Opportunity -- Further to Marksmen's news release of September 21, 2021, the Company has a 25% working interest in the Webb #1 well operated by David R. Hill Inc. ("Hill") of Ohio. The well location has been prepared, the drilling rig is currently being set up on location and drilling is anticipated to begin on or about October 4, 2021. It is anticipated that the drilling operation will take up to three weeks. Marksmen has paid a cash-call for its share of drilling costs to Hill.

Archie Nesbitt, President and Chief Executive Officer of Marksmen states, "The preliminary results from DH2 exceed our expectations. We anticipate that DH2 will exceed DH1's initial production rates and it further validates other offset locations. We look forward to providing further updates on production rates of the lower zone and completion of the upper zones. DH2 will be an important contributor to the Company's cash-flow. This, and the very exciting joint operating agreement with David R. Hill, Inc. provides Marksmen with an excellent opportunity to further exploit our Pickaway County, Ohio properties and to expand our scope of operations to another area of Ohio, in the prolific Trenton Black River formation."

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 future drilling and operational programs and the timing thereof, and production rates for DH2. 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.
 
#September 29, 2021
MARKSMEN ANNOUNCES FIRST CLOSING OF PRIVATE PLACEMENT

 CALGARY, ALBERTA, September 29, 2021 -- 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 5,920,000 Units at a price of $0.06 per Unit for aggregate gross proceeds of $355,200. 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 $0.09 per share expiring two (2) years from the date of issuance.

Pursuant to the first closing of the Offering, Marksmen paid cash commissions to qualified non-related parties of $18,240 and issued 304,000 broker warrants entitling the holder to acquire one Common Share at a price of $0.06 per share for a period of one (1) year from the date of issuance.

Marksmen intends to use the net proceeds of $336,960 from the first closing of the Offering to pay a cash-call of $320,000 for its 25% working interest in the southeast Ohio Trenton Black River, Webb #1 well, expected to spud in the next few days, and the remaining $16,960 will go 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.
The Company expects to complete a second closing on or about October 14, 2021.

Related Party Participation in the Private Placement

Insiders subscribed for an aggregate of 1,220,000 Units in the first closing of the Offering for a total of 21%. 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.

Bridge Loan

A third party has provided a bridge loan to Marksmen in the amount of $74,000. The bridge loan was provided so that the Company could meet the timing of its funding commitments for the southeast Ohio, Trenton Black River, Webb #1 well, and the bridge loan will be paid back in full from proceeds of the second closing of 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 second closing of the private placement, statements pertaining to the use of proceeds, the timing of the repayment of the bridge loan 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.
 
#September 21, 2021
MARKSMEN ANNOUNCES SOUTHEAST OHIO DRILLING OPPORTUNITY AND OPERATIONAL UPDATE

 CALGARY, ALBERTA, September 21, 2021 -- Marksmen Energy Inc. ("Marksmen" or the "Company") (TSXV: MAH) is pleased to announce the following:

Southeast Ohio Drilling Opportunity -- Marksmen has entered into a Joint Operating Agreement with David R. Hill, Inc., a long established, large Ohio oil and gas operating company, to drill a well in southeast Ohio. Under the terms of the agreement Marksmen will have a 25% working interest in the Webb #1 well, targeting the Trenton Black River formation. It is expected that drilling operations will commence within the next two weeks.

The Trenton Black River formation is the most prolific conventional oil reservoir in the Appalachian and Michigan basins. This Webb #1 target location has been delineated by modern 3D seismic. The seismic data indicates a pronounced hydrothermal alteration of limestone to dolomite that results in high porosity and permeability. Based on the 3D seismic available to Marksmen, there is an expectation of a multi-well development program.

Mr. Joseph Smith, a professional geologist, Master of Science from Ohio University, has been instrumental in developing this drilling opportunity. He has over twenty years of experience in various basins/areas including Appalachian, East Texas, Illinois, Green River, Wind River and San Joaquin. During his career, Mr. Smith has worked for large oil and gas companies including Occidental Petroleum in California, and Encana in Dallas. Marksmen is pleased to announce that Mr. Smith has joined its Ohio technical management team.

Pickaway County, Ohio -- Further to Marksmen's news release dated August 26, 2021, Marksmen completed the drilling of the Davis Holbrook #2 well ("DH2") in the Cambrian Knox formation, on August 19, 2021. It is the first of up to five vertical offset wells to Marksmen's Davis Holbrook #1 ("DH1"). Marksmen is the operator and holds a 75% working interest. The DH1 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 64,000 barrels of oil and continues to produce at approximately 25 bbls of oil production per day.

The logs from the DH2 offset well correlate very closely with the logs from the DH1 well. When drilling through the target zone, oil was encountered and circulated to surface. Completion of the well has been delayed due to service rig availability but perforation and acidizing are now anticipated to commence in the next few days.
Private Placement -- Further to Marksmen's news release dated August 30, 2021, Marksmen announced a non-brokered private placement of up to 12,500,000 units to raise $750,000 to fund the Webb #1 well, the next Pickaway County development well, and working capital. The first closing of the private placement is now anticipated to be on or about September 27, 2021.

Archie Nesbitt, President and Chief Executive Officer of Marksmen states "The recent increase of the West Texas Intermediate oil price ("WTI") to approximately $70 US per barrel has invigorated the Ohio oil industry. We are very excited with the successful drilling of the DH2 well and look forward to announcing initial production data in the near future. The joint operating agreement with David R. Hill, Inc. provides Marksmen with an excellent opportunity to expand our operation to another area of Ohio and in the prolific Trenton Black River formation. We are also very pleased to add Mr. Joseph Smith to our technical management team."
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 and operational programs and timing, and the anticipated closing and first closing date for the private placement. 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.
 
#August 30, 2021
MARKSMEN ANNOUNCES PROPOSED PRIVATE PLACEMENT

 CALGARY, ALBERTA, August 30, 2021 -- Marksmen Energy Inc. ("Marksmen" or the "Company") is pleased to announce that it plans to complete a non-brokered private placement of up to 12,500,000 units (the "Units") of Marksmen at a price of $0.06 per Unit for aggregate gross proceeds of up to a maximum of $750,000 (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 $0.09 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 $60,000) and broker warrants (the "Broker Warrants") equal to up to 8% of the number of Units sold in the Offering (up to 1,000,000 Broker Warrants). Each Broker Warrant will entitle the holder to acquire one Common Share at a price of $0.06 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 $400,000 towards drilling of a well in southeast Ohio, $250,000 towards drilling a step-out well from one of Marksmen's currently producing wells, and $40,000 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 September 30, 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 about September 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 August 27, 2021, 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 $750,000, 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 with applicable securities laws.
 
#August 26, 2021
MARKSMEN ANNOUNCES THE DRILLING OF A WELL IN OHIO

 CALGARY, ALBERTA, August 26, 2021 -- Marksmen Energy Inc. ("Marksmen" or the "Company") (TSXV: MAH) is pleased to announce the drilling of a well in Pickaway County, Ohio, USA.

Marksmen is pleased to announce that it has completed the drilling of the Davis Holbrook #2 ("DH2") well in Pickaway County, Ohio. Marksmen is the operator of the well and has a 75% working interest. This well is a direct offset to the Davis Holbrook #1 ("DH1") well and targeted an isolated 3D seismic high in the same Cambrian Knox remnant. Oil was encountered in high porosity zones in the Cambrian Knox formation and oil flowed to surface. Production casing has been set and cemented and the well is ready for completion. It will be perforated, acidized, and put on production in the next two to three weeks.

As an analog, the DH1 well, Marksmen's best well, was drilled in June of 2016, with initial production in the 80 barrels of oil per day range, has produced over 65,000 barrels of oil to date, and continues to produce at approximately 25 bbls of oil per day. The results of production from DH1 may not be indicative of results for the DH2 well.

Marksmen is paid directly by the oil refinery based on the monthly average price of West Texas Intermediate ("WTI") for Pennsylvania Grade Light Oil. The refinery purchases the oil directly at Marksmen's well locations and there are no added transportation costs.

Archie Nesbitt, President and Chief Executive Officer of Marksmen states "we are very pleased to announce the successful drilling of the DH2 well. It is an offset to DH1, Marksmen's best well. With the resurgence of WTI to over $65 US per barrel we expect that DH2 will be a positive contributor to Marksmen's financial performance.

The Company is well positioned through our strong technical management team and contacts in Ohio to embark on new and exciting projects. The Company has recently received a number of interesting 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 drilling results, the future drilling program and timing thereof, and the expectation that DH2 will be a positive contributor to Marksmen's financial performance. 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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