- Marksmen Energy holds a 75 per cent working interest in the DH2 mine in the Cambrian Knox formation
- Production of DH1 is over 25 bbls of oil per day
- Marksmen Energy has a 25 per cent working interest in the Webb #1 well operated by David R. Hill Inc.
- Drilling is anticipated to begin on October 4th
- The drilling operation is expected to take up to three weeks
- Marksmen Energy Inc is involved in the exploration and development of petroleum and natural gas
- Marksmen Energy Inc. (MAH) is up 8.33 per cent, trading at C$0.065 per share at 3:15 pm ET
Marksmen Energy (MAH) is pleased to provide several operational updates
Pickaway County, Ohio
Marksmen Energy is pleased to provide further information with respect to the drilling of the Davis Holbrook #2 well.
DH2 in the Cambrian Knox formation. Marksmen holds a 75 per cent working interest in the well. It is the first of up to five vertical offset wells to Marksmen’s Davis Holbrook #1 well.
DH1 is Marksmen’s best well to date. It has since produced over 64,000 barrels of oil and continues to produce at approximately 25 bbls of oil per day.
Southeast Ohio drilling opportunity
Marksmen has a 25 per cent working interest in the Webb #1 well operated by David R. Hill Inc. 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 4th. The drilling operation is expected to take up to three weeks.
Archie Nesbitt, President and Chief Executive Officer of Marksmen commented on the results.
“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.”
Marksmen Energy Inc. (MAH) is up 8.33 per cent, trading at C$0.065 per share at 3:15 pm ET.