Welcome!

News Feed Item

Marksmen Announces Drilling, Completions and Strategic Update

CALGARY, ALBERTA -- (Marketwired) -- 06/16/14 -- Marksmen Energy Inc. (TSX VENTURE:MAH) ("Marksmen" or the "Company") is pleased to announce that Marksmen and its Joint Venture Partner, Houghton Investments LLC ("Houghton"), completed the drilling of their fourth well (B-78-10),on June14, 2014. During the drilling of the Cambrian Knox formation the well circulated oil to surface. The well has been logged and is currently in the process of being cased and completed. The well will be tied-in with appropriate tanks, pump jack and other surface equipment and put on production as quickly as possible. Marksmen has a 90% working interest in the well.

The first well drilled, which was drilled in early May, is now operating under electric power as of June 14, 2014 which allows the well to be produced optimally on a 24 hour schedule. The well is tied in to both oil tanks and a water injection well.

The zone that was completed on the Number 2 Well has been determined to be uneconomic as an oil producing zone but it has excellent technical parameters to be a water injection/disposal well which is an important asset given the oil in this formation is on top of a water driven reservoir. Additionally, there are other oil bearing zones that have the potential of being completed at a later date. The well has been suspended.

The Number 3 Well has been completed and tied-in to tanks and other surface equipment, including a water injection well. The well has, since being drilled, flowed oil, periodically, under its own reservoir pressure. An Allen 80 pump jack, with 80,000 torque pounds of lift, has been ordered for this well with 2 7/8 inch tubing in the well. The pump jack is rated at 250 BPD, at twelve strokes per minute.

In the first quarter of 2014, Marksmen completed a 3D seismic program on approximately five square miles of land of the AMI (area of mutual interest). The Company with its joint venture partner has completed the drilling of four wells in six weeks. Marksmen is now satisfied that the use of 3D seismic, the drilling of the four wells and the technical expertise of our technical team and our joint venture partner has confirmed the methodology being employed. The wells drilled are a representative cross section of the Cambrian Knox remnants in the area covered by the 3D seismic survey. An additional sixteen locations, outlined by the 3D survey, remain to be tested by the Joint Venture partners.

Marksmen has determined that it is now strategically very important to spend the necessary time to complete the tie in of the wells with electrical power; to put them on production and to generate cash-flow. More importantly it will afford the technical team the opportunity to complete the necessary technical analysis to optimize the wells and to accumulate the technical data necessary for reserve calculations under NI51-101. Additional drilling on other 3D targets will commence in July.

Archie Nesbitt, CEO and President of Marksmen states, "Marksmen is very pleased with the results of our drilling program to date and the very large contribution that 3D seismic and its interpretation by our technical experts have made to the overall success to date. The program validates the importance of using the best 3D seismic techniques available to exploit the oil bearing zones in this part of Ohio."

Additionally, Marksmen has begun the process of acquiring additional lands adjacent to its existing land holdings in the current AMI in order to initiate another 3D seismic program.

The Company has also initiated negotiations with other potential joint venture partners in the area to undertake a similar program of 3D seismic and drilling on their current land holdings.

Further information will be released as it becomes available.

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 Company's drilling plans and operations. Oil and gas shows and oil circulated to surface are not an indication that the Company's Ohio properties contain any reserves or resources or that there will be commercially viable production from those properties. 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Redis is not only the fastest database, but it is the most popular among the new wave of databases running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 19th Cloud Expo, Dave Nielsen, Developer Advocate, Redis Labs, will share the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.