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Marksmen Announces Operational Update, Q3 2021 Filings on SEDAR and Early Warning Report

CALGARY, Alberta, Nov. 26, 2021 (GLOBE NEWSWIRE) — Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSXV: MAH) (OTCQB: MKSEF) announces the following:

Operational Update, Pickaway County, Ohio – Marksmen is pleased to announce that the Davis Holbrook #2 well (“DH2”) drilled in August of this year was equipped and put on production in mid-October. Marksmen is the operator and holds a 75% working interest. Production in the second half of October averaged 106 bbls per day. It is being produced from the lowest of two Cambrian Knox intervals. The upper interval will be perforated and put on production at a later date, once this interval is thoroughly evaluated.   Marksmen is currently evaluating various technical parameters to ensure the well is produced using best oilfield practices to ensure the well is produced at a rate that is sustainable over time and optimizes the production over the life of the well. This well also validates the drilling at three or four additional offset locations.

For comparison, the DH1 well drilled in 2016, with initial production in the 80 bbls of oil per day range has produced over 65,000 barrels of oil and continues to produce at approximately 25 bbls of oil production per day. DH1 also has an upper interval that has not been perforated and put on production.

With the added production from the DH2 well, Marksmen’s funds generated from operations are expected to be sufficient to cover all operating and administrative costs plus it will also allow the Company to internally fund some of its capital projects.

Marty Shumway, VP of Operations of Marksmen in Ohio, states, “This well is better than expected and is potentially better than the DH1 well.”

Archie Nesbitt, President and Chief Executive Officer of Marksmen states, “The first production results from DH2 have exceeded our expectations and payout is expected to be achieved in less than three months. Marksmen looks forward to working with our partners on drilling the next offset well.”

Q3 Filings on Sedar – Marksmen has filed disclosure documents for the three and nine-months ended September 30, 2021, 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.

Early Warning Report

On November 5, 2021, the Company completed the second and final closing of a private placement (the “Offering”) for 14,913,330 units (the “Units”), with each Unit consisting of one Common Share and one common share purchase warrant (“Warrant”). Mr. Peter Geib, a former insider of the Company, did not subscribe to the Offering, however, the issuance of the Common Shares from treasury by the Company triggered the requirement to file an early warning report as Mr. Geib’s holdings of Common Shares and securities convertible into Common Shares has been reduced to below 10% of the Company’s outstanding Common Shares.

No securities were acquired or disposed of by Mr. Geib. Mr. Geib had ownership or control over 13,378,000 Common Shares and 2,000,000 Warrants representing, prior to the closing of the Offering, 9.52% of the issued and outstanding Common Shares on an undiluted basis and 10.79% on a diluted basis. Following the closing of the Offering, Mr. Geib held 8.24% of the outstanding Common Shares on an undiluted basis and 9.36% of the outstanding Common Shares on a diluted basis.

A report respecting this matter 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 future production from the DH2 and DH1 wells. 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.