Marksmen finishes drilling first well in Ohio
2014-05-06 09:20 ET - News Release
Mr. Archie Nesbitt reports
MARKSMEN ANNOUNCES DRILLING UPDATE
On April 30, 2014, Marksmen Energy Inc. and its joint venture partner, Houghton Investments LLC, spudded the first of up to five wells of its initial drilling program in Ohio, United States.
The well reached total depth on May 5, 2014, and there have been oil and gas shows in an upper formation, and oil shows in the targeted Cambrian Knox formation. During the drilling of the Cambrian Knox formation, oil circulated to surface. The well is in the process of being logged, and the well will be cased and completed. Production testing is expected to be completed within the next two weeks. Marksmen intends to spud its second well later this week.
The company will pay 100 per cent for the drilling of the first two wells to earn a 75-per-cent working interest. Thereafter, the company will pay 75 per cent, and the joint venture partner will pay 25 per cent of each well drilled in the five-square-mile area of mutual interest (AMI). Three-dimensional seismic of the AMI, announced March 24, 2014, indicates a number of other |
