Marksmen Ene Stock Price, News & Analysis

Marksmen Energy Inc. has announced a strategic partnership with EMF Geoscience, Inc. to focus on developing light oil drilling opportunities in Ohio. EMF will leverage its extensive geological database and advanced 3-D seismic technology to identify potential drilling targets within the state. This collaboration is expected to enhance Marksmen's project selection capabilities, as EMF has consulted for approximately 20 clients in the Appalachian Basin, contributing to about 50% of total reserves in the region. With this partnership, Marksmen aims to capitalize on several new projects beginning in 2023 that align with the increasing demand for Pennsylvania grade light crude oil.

Marksmen Energy announces a successful drilling program update in Pickaway County, Ohio, with three new wells drilled in the Cambrian Knox formation. As of October 7, 2022, all wells reached total depth, showing promising oil production potential, similar to the highly productive Davis Holbrook #1 well from 2016. The company expects to initiate production within a week, with further installations to follow. Marksmen plans to expand its drilling activities across multiple counties in Ohio, aiming for increased production and cash flow.

Marksmen Energy Inc. has provided an update on its 2022 drilling program, focusing on operations in Ohio. The company successfully recompleted the Clinton Sandstone zone of the Reese #1 well, currently producing oil and gas. In addition, they are drilling the Holbrook Davis #1 and #2 wells, with promising oil shows and significant potential in a new upper zone.

Marksmen expects the first load of oil to be sold soon, enhancing their production capacity. Their drilling efforts continue across Portage, Pickaway, and Hocking counties as rigs become available.

Marksmen Energy Inc. has updated its drilling activities in Portage County, Ohio, where it has begun the recompletion of the Reese #1 well as of July 25, 2022. Marksmen is covering all capital costs to secure an 80% working interest. The lower Rose Run formation has been plugged back, with part of the higher Clinton Sandstone perforated and acidized recently. Following hydraulic stimulation, well clean-up is in progress, leading to anticipated commercial production of oil and gas. Marksmen continues evaluating new drilling opportunities in collaboration with partner PEP Drilling LLC.

Marksmen Energy Inc. announced significant progress on its Davis Holbrook #2 well (DH2) in Pickaway County, Ohio. Operating with a 75% working interest, DH2 has shown promising results, swabbing oil at a rate of 16 bbls per hour. Initial production from DH2 may surpass that of Marksmen's best well, DH1, which has produced over 64,000 barrels since 2016. The company is also set to begin drilling the Webb #1 well on October 4, 2021, where it holds a 25% working interest. These developments will contribute positively to the company’s cash flow.

Marksmen Energy Inc. (MKSEF) announced a Joint Operating Agreement with PEP Drilling LLC to recomplete up to 40 wells in Portage County, Ohio, with an 80% working interest after 100% capital costs recovery. The company targets the Clinton Sandstone formation, believed to have minimal geological risk. Initial operations at the Ryan #1 well have begun, with plans for continuous development. Additionally, Marksmen is preparing to drill offset wells near its top-performing DH-1 well and exploring other opportunities in Ohio. The recent WTI price surge is expected to benefit Marksmen's operations significantly.