Archie Nesbitt and his team continue to move forward with the drilling program at Leaman #1. The latest results and update suggest #1 will be a winner. As to how big, we will have to wait and see.
The shares have spiked back up to around the $0.18 CDN level. With some good news, a 2-3X from here looks likely.
Below is yesterday’s press release from the company. ?
Marksmen Energy Inc.
TSX Venture Exchange – MAH
OTCB Venture Market- MKSEF
MARKSMEN ANNOUNCES OPERATIONAL UPDATE
CALGARY, ALBERTA, January 16, 2019
Marksmen Energy Inc. (“Marksmen” or the “Company”) is a 60% working interest owner in the Leaman #1 horizontal well operated by Hocking Hills Energy and Well Services LLC, in Hocking County, Ohio.
In a press release dated December 19, 2018, Marksmen announced that a new horizontal/lateral leg paralleling the original well bore was successfully drilled at the Leaman #1 horizontal well.
The well has recently been equipped with tanks, a pumping unit, tubing, rods and a bottom hole pump. Current operations include hydraulic fracturing load recovery and well testing which commenced on January 12, 2019. To date approximately 480 barrels of fluid consisting of hydraulic fracturing fluid, formation brine, and crude oil have been produced. Approximately 8% of the total fluid volume was produced as oil. To date the pumping unit has not operated on a full 24-hour cycle but it is anticipated that the pumping rate will stabilize between 120 and 220 barrels per day as hydraulic fracturing load recovery progresses and the well transitions into production. Fluid levels, water testing, pressure data, and other technical data is being collected and evaluated.
Multi-stage hydraulic fracturing was completed in May 2018 which included the introduction of large volumes of water and sand under pressure to stimulate the reservoir. Artificial lift is currently being used to recover the hydraulic fracturing water-load from the reservoir. It is normal for a percentage of the hydraulic fracturing fluid to be recovered during initial operations. Marksmen is very encouraged by high initial pumping rates which indicate excellent connectivity with the reservoir and are also encouraged by the increasing oil cut as we continue hydraulic fracturing load recovery.
Marksmen is very excited by these preliminary results and looks forward to putting the Leaman #1 Clinton Sandstone horizontal well on full production.
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@
P.S. If you are a shareholder or interested in becoming one, feel free to call or email Archie. He loves to connect. He has so much knowledge in the oil and gas field and so many great stories to share.