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I realize it was a recap but worth reading again as next week should get going
Barring any further setbacks, I think we start to see more volume come into this stock maybe mid to late next week. If all goes to plan and they fix this well successfully, we are golden here. The revenues from this well will help fund other wells, and so on. Just hoping the next few wells go more smoothly, which they should. Lots of lessons learned in this first well.
This is what the CEO wrote
So next week is it
EVERYONE IS WAITING !!!!!!
I can't tell how many calls and emails I have had from investors. brokers and financial people - many weekly; many every couple of days
Obviously everyone expected the well to be in production a month(ss) ago
Some investors are tired of waiting and we see that in the share price.
Remember that the MARKSMEN management and Board have an enormous amount of money ( skin in the game) and even more in time invested in this corporation.
I decided to send this update to you so you are informed. These are facts and for what it is worth my opinion.
I do expect renewed interest as soon as the whip-stock is set and then again the day that the big drill starts drilling ahead on the second horizontal leg.
If we get the drill footage rates we expect we should be in the fracked oil and gas rich ( saturated) zone on day 2 and we can expect pressures to build
MARKSMEN is in this play because of its enormous potential. Our pioneer horizontal well has had numerous technical problems but it is a new experience for our Operator, and for us,--------- and for OHIO !
We are in this play because 50,000-75,000 old vertical wildcat wells produced huge amounts of oil from the CLINTON SANDSTONE
We believe ONE (1) horizontal well will produce as much oil as 10-15 vertical wells. Around our Leaman # 1 lease there are wells that had initial production rates of +100 BOD. We have a new lease where old vertical wells had IP's of up to 200 BOD. We have access to a very larger land position, have no funded or public companies ( no competition) in this 50 x 100 mile play and we expect to be the leader . Our partner is privately held ERGON the refinery that needs this 42 API "PENNSYLVANIA CRUDE". They have no other drilling operations in OHIO .
During our drilling of the Leaman # 1 well we had oil to surface several times and many strong gas kicks during the drilling of the horizontal leg.
This is not a "dry hole" which our share price suggests ! FURTHER, we then created a very high pressure multi stage hydraulic frac of the entire horizontal leg which was very successful .
The oil and gas reserves are there! Our studies estimated $23,000,000 per type horizontal well.
We have access to that reserve but are about to create a second, and better, access and then produce this well ! Tanks, and production equipment including well pumps,are on location.
The great well, that we expect, will, we expect, make the share price gap upward - so I am telling investors they will probably not have any time to accumulate at low share prices when we start drilling ,as we have no choice but to halt the trading in the stock with any positive news. Also there are local OHIO shareholders and share buys at the well site all the time ! We are the only game in town- the only public company in this well, IN THIS ENTIRE PLAY !
Up 15% today. We are getting higher.
Hey no bs in that ..
It can and it will .
Not a bullshit tout like ya read all over ihub
Agree with you 100%
Saw the bid move up this afternoon ..
I think it's finally on this time to complete and produce..
I decent horizontal will give them a nice chunk of cash to proceed with more well.
This absolutely has good chance of making it into multiple dollars with the current OS.
Thanks for sharing! So I hope finally they make it and start earning money!
Just got notice that they are moving the service rig into place end of next week .
So we get this shit on the road north finally .
I don’t have pm anymore. No it’s no problem. Just a small amount and will have no influence. As long as they complete the well we will be all super happy. My opinion
NEWS RELEASE For Immediate Release October 19, 2018 Marksmen Energy Inc. TSX Venture Exchange - MAH OTCB Venture Marketplace - MKSEF MARKSMEN ANNOUNCES OPERATIONAL UPDATE AND PROPOSED PRIVATE PLACEMENT CALGARY, ALBERTA, October 19, 2018 - Marksmen Energy Inc. ("Marksmen" or the "Company") is a 60% working interest partner in a Clinton Sandstone Horizonal ("CSH") well drilled in Hocking County, Ohio. The operator of the well is Hocking Hills Energy and Well Services LLC of Ohio. The Leaman #1 well has been drilled and completed with a 12-stage fracking program. The final stage of remedial work, required due to technical difficulties encountered after the fracking program, has been delayed by additional requirements of the Ohio Department of Natural Resources ("ODNR"). ODNR required the operator to upgrade the one-mile bush road and lease to similar standards that are applied to operators in the deep shale regions of eastern Ohio. These regulations are deemed necessary by ODNR to mitigate any possible environmental impact to the surrounding terrain from erosion due to rain run-off and other factors. This has resulted in extensive civil engineering work and extra cost to prepare a multi-stage plan ("Plan") for work on the lease and road through hilly and heavily forested terrain. An engineering firm, Diversified Engineering, experienced with these standards, was contracted and prepared the Plan and interface with ODNR. ODNR has approved the Plan. The operator has indicated that remedial operations are expected to commence on or about November 5, 2018. Marksmen anticipates that the well will be equipped and on production by no later than year end. By way of its agreement with the operator, the Company has interests in 5,500 acres of additional land with several potential Clinton Sandstone horizontal well locations. The Company plans an aggressive drilling program in 2019 to fully develop the acreage subject to financing. Marksmen believes that the Clinton Sandstone has significant potential as a development play that will materially increase its oil production. To support Marksmen's position on the potential of the Clinton Sandstone, a large exploration company, Enervest, Ltd. ("Enervest"), which has now drilled eight (8) CSH wells approximately 100 miles north of Marksmen's Leaman #1 well, is evaluating plans to drill multiple horizontal wells on its approximately 115,000 gross acres of leases in the East Canton oil field in Ohio. Enervest operates more than 1,600 vertical Clinton Sandstone oil wells (some wells drilled as early as 1947) in the field, drilled on average of 40 acre spacing, where oil recovery from these vertical wells is estimated by Enervest to be approximately 7% of the original oil in place. Enervest reports nearly a 10-fold increase in production from its horizontal wells over vertical wells in the same formation. Additionally, Enervest reports that most of their horizontal wells encountered near virgin reservoir pressures within the field. Additionally, another large exploration player, US Energy OH LLC is also drilling CSH wells in this field and in other areas in Ohio, and currently has drilled and completed 9 of 21 permitted locations. Marksmen would like to thank all of our shareholders for their patience and understanding of the challenges that have been faced and endured in completing the Leaman #1 CSH well. Proposed Private Placement Marksmen announces that it plans to complete a non-brokered private placement of up to 2,916,667 units (the "Units") of Marksmen at a price of $0.12 per Unit for aggregate gross proceeds of up to a maximum of $350,000 (the "Offering"). There is no minimum Offering. The Units will be comprised of one (1) common share ("Common Share") and one-half of one (1/2) share purchase warrant ("Warrant") of Marksmen. Each whole Warrant entitles the holder thereof to purchase one Common Share for $0.24 expiring two (2) years from the date of the closing of the Offering. Marksmen may pay a cash commission or finder's fee to qualified non-related parties of up to 8% of the gross proceeds of the Offering (up to $28,000) and broker warrants (the "Broker Warrants") equal to up to 8% of the number of Units sold in the Offering (up to 233,333 Broker Warrants). Each Broker Warrant will entitle the holder to acquire one Common Share at a price of $0.12 per Broker Warrant for a period of one (1) year from the date of issuance. Marksmen intends to use the net proceeds of the Offering to pay for capital expenditures related to remedial and completion work on the Leaman #1 well of approximately $150,000 and the remainder for extra road and lease upgrades as directed by ODNR. The Offering is being offered to all of the existing shareholders of Marksmen who are permitted to subscribe pursuant to the Existing Shareholder Exemption. This offer is open until November 30, 2018 or such other date or dates as the Company determines and one or more closings are expected to occur, with the first closing anticipated for October 30, 2018. Any existing shareholders interested in participating in the Offering should contact the Company pursuant to the contact information set forth below. The Company has set October 19, 2018 as the record date for determining existing shareholders entitled to subscribe for Units pursuant to the Existing Shareholder Exemption. Subscribers purchasing Units under the Existing Shareholder Exemption will need to represent in writing that they meet certain requirements of the Existing Shareholder Exemption, including that they were, on or before the record date, a shareholder of the Company and still are a shareholder as at the closing date. The aggregate acquisition cost to a subscriber under the Existing Shareholder Exemption cannot exceed $15,000 unless that subscriber has obtained advice from a registered investment dealer regarding the suitability of the investment. As the Company is also relying on the Exemption for Sales to Purchasers Advised by Investment Dealers, it confirms that there is no material fact or material change related to the Company which has not been generally disclosed. In addition to offering the Units pursuant to the Existing Shareholder Exemption and to the Exemption for Sales to Purchasers Advised by Investment Dealers, the Units are also being offered pursuant to other available prospectus exemptions, including sales to accredited investors. Unless the Company determines to increase the gross proceeds of the Offering, if subscriptions received for the Offering based on all available exemptions exceed the maximum Offering amount of $350,000, Units will be allocated pro rata among all subscribers qualifying under all available exemptions. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The Common Shares and Warrants issued will be subject to a four month hold period from the date of the closing of the Offering. It is expected that insiders of the Company will participate in the Offering. 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, approvals of the ODNR, the timing and success of the remedial operations, the closing of the private placement, statements pertaining to the use of proceeds, and the Company's ability to obtain necessary approvals from the TSX Venture Exchange. 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. Marksmen Energy Inc. www.marksmenenergy.com Marksmen Energy Inc. 368 Sunmills Drive SE Calgary Alberta T3C 2N8 Forward this email About our service provider Sent by ajnesbitt@marksmenenergy.com
Shareholder letter from yesterday
For the last few weeks we have focused on environmental protection and migration of exposed soil from our one mile long bush- mud road to the drill site , as we head into fall, winter and then more importantly spring thaw and lots of rain rain rain.
Also we need daily access o the site as we not only continue drilling but for the production facilities and operations all winter long
We hired the most experienced engineering company in OHIO, in this field.
We have had several meetings with the OHIO DEPARTMENT of NATURAL RESOURCES (ODNR) so that they are on side, it meets their standards and they approve of our plan.
We have as part of the program put tons and tons of crushed cement on the road bed for the heavy equipment but for all weather performance
HHE advise that we have done the required work for this stage . The balance will be completed in Q2 2019
Big rig date set for Oct 8
New date for BIG RIG is October 8 - it is still drilling on the other locatipon
AJN
Shareholder letter 3 weeks ago
Since then there has been a required road upgrade and completion of the previously fracked horizontal is scheduled for Oct 8
Dear SHAREHOLDER,
LEAMAN #1
We had the pre-spud meeting YESTERDAY
The service rig arrives in less than 1 week ( September 12) to set the plug ; drill through the casing ; ream the hole larger( longer ) and smoother and then set the whip-stock
Mobilization of the Larger Schramm 200,000 Pull Back 30.000 # Pull Down Top Drive drill rig will start September 18-19
The drill rig is finishing another well and will be delivered as soon as it hits TD
Doug Kitchen, our Operator, advises that pressure at our well head "continues to increase" - saying " it really should not take much for this well to kick-off" ( as is).
MARKSMEN certainly has a committed team of engineers and geologists ( we believe the best in OHIO) working for and with us on , and directing , this remedial program .
MARKSMEN is a cash flow positive junior oil company listed in the USA , and Canada, with 5 oil wells in Pickaway Ct. OHIO. ERGON pays us WTI prices at our tanks.
We are in a high risk and very high reward resource program .
EVERYONE IS WAITING !!!!!!
I can't tell how many calls and emails I have had from investors. brokers and financial people - many weekly; many every couple of days
Obviously everyone expected the well to be in production a month(ss) ago
Some investors are tired of waiting and we see that in the share price.
Remember that the MARKSMEN management and Board have an enormous amount of money ( skin in the game) and even more in time invested in this corporation.
I decided to send this update to you so you are informed. These are facts and for what it is worth my opinion.
I do expect renewed interest as soon as the whip-stock is set and then again the day that the big drill starts drilling ahead on the second horizontal leg.
If we get the drill footage rates we expect we should be in the fracked oil and gas rich ( saturated) zone on day 2 and we can expect pressures to build
MARKSMEN is in this play because of its enormous potential. Our pioneer horizontal well has had numerous technical problems but it is a new experience for our Operator, and for us,--------- and for OHIO !
We are in this play because 50,000-75,000 old vertical wildcat wells produced huge amounts of oil from the CLINTON SANDSTONE
We believe ONE (1) horizontal well will produce as much oil as 10-15 vertical wells. Around our Leaman # 1 lease there are wells that had initial production rates of +100 BOD. We have a new lease where old vertical wells had IP's of up to 200 BOD. We have access to a very larger land position, have no funded or public companies ( no competition) in this 50 x 100 mile play and we expect to be the leader . Our partner is privately held ERGON the refinery that needs this 42 API "PENNSYLVANIA CRUDE". They have no other drilling operations in OHIO .
During our drilling of the Leaman # 1 well we had oil to surface several times and many strong gas kicks during the drilling of the horizontal leg.
This is not a "dry hole" which our share price suggests ! FURTHER, we then created a very high pressure multi stage hydraulic frac of the entire horizontal leg which was very successful .
The oil and gas reserves are there! Our studies estimated $23,000,000 per type horizontal well.
We have access to that reserve but are about to create a second, and better, access and then produce this well ! Tanks, and production equipment including well pumps,are on location.
The great well, that we expect, will, we expect, make the share price gap upward - so I am telling investors they will probably not have any time to accumulate at low share prices when we start drilling ,as we have no choice but to halt the trading in the stock with any positive news. Also there are local OHIO shareholders and share buys at the well site all the time ! We are the only game in town- the only public company in this well, IN THIS ENTIRE PLAY !
Thank you for your support
?
Archie
Looking for the bids to start firming up a bit more and to bridge the gap between there and the ask. A few days of sideways trading would be good here, and set it up for a break of .20 area with good results on remediation, expected likely end of next week, or early into the following week.
Back to about break even for the majority of us that have been here for a while. I do expect we will be seeing a double again though from here in the short term.
A beautiful double down there, nice work!
Awesome! I expect October to be a fantastic month for us assuming successful completion of the well. Price will move up to new levels and likely establish a new base there. Expecting additional updates then on next drill sites and flow rates at Leaman #1. Stock will be on cruise control after that in my mind. Will just hold into next year and watch it go over $1+ from there.
It appears work has commenced.
Shareholders on the site
At TSX 0.21 CAD printed
I had thought about going all in when it was in the 9s.
Instead I only doubled my position which isn't too shabby and now I'm liking what L2 iooking like
When they deliver it’s a ROYAL FLASH
400 BPD is 5 million for the year
They were saying a horizontal could deliver 1000/1500 BPD
Then you're talking a babe Ruth grand slam out of the park
With the right news we will fast see Dollarland
Awesome Closing + 38%
Yep, remedial operations at Leaman get underway next week. Barring no further issues or delays, should have oil flowing by end of the month.
perking up here...
It will indeed. Once Leaman is operational and flowing, we will be making new highs.
I can imagine MKSEF will be a monster huge winner soon
Let's imagine 60% of 1000 bpd
Looks like a few more popped up
Gonna see a .10+ bid here soon enough. Every day we are closer to realizing production with the Leaman well.
Cleaning out the rest of the sub .10s
My guess is production, meaning oil is flowing and revenues are coming in, by late September.
Production will begin shortly after as the new horizontal will not need to be cased .
Ouch, looks like a problem with the first well and the fix will start in mid-Sept. No production date given yet. Implied is that the first team didn't have enough experience. Glad they gave an update.
Thanks for posting it.
Nice! Things should get back on track once that well comes online. Dollars coming!
News out AH:
CALGARY, Alberta , Aug. 23, 2018 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) and its wholly owned subsidiary Marksmen Energy USA, Inc. announces the following:
Operational Update
At the Leaman #1 Horizontal well in Hocking County, Ohio , Marksmen is a 60 % working interest owner in this well operated by Hocking Hills Energy and Well Services LLC . of Ohio . As stated in an earlier press release this well encountered a number of oil and gas shows during the drilling and fracturing of the well. The well has been successfully completed using multi-stage hydraulic fracturing. During the process to remove the multi-stage zone separation plugs in the production casing, the Operator experienced technical difficulties. Marksmen is providing support to the Operator from its technical team and expert contractors.
After extensive downhole investigation and engineering analysis of the results of the investigation, a plan has been completed to begin remedial operations in mid-September 2018. The timing is later than expected but unfortunately the operation has been delayed due to drilling and other equipment availability.
The plan is to use a whip-stock drilling procedure to drill a new horizontal leg just above the existing cased horizontal leg but still in the multi-staged fractured zone. The reservoir has already been fractured with large amounts of water and sand and all standards of care will be taken to ensure a successful operation. Initially, a smaller rig was being planned but now a top drive drilling rig will be used to provide the necessary pulldown power with additional greater capabilities and fully experienced crews in drilling horizontal wells. Other expertise and equipment including wellsite drilling engineering management, directional drilling services, drill bit selection, wellsite storage tanks and any other necessary equipment and services will be staged and available.
Marksmen and its joint venture participants are looking forward to the completion of this well, production testing, and then putting the well on production. Numerous additional Clinton Sandstone horizontal wells can be targeted on the leases held by the joint venture.
For additional information regarding this news release please contact Archie Nesbitt , CEO and President at (403) 265-7270 or e-mail ajnesbitt@marksmenenergy.com.
It was suppose to be this week ..bringing a larger unit in to do because of the pressure .
I'd be surprised if it isnt another week after this one .
Four day drill.
Probably about 3-4 more weeks until they start drilling. But yes, this is a multi-bagger once they get it online. And after another couple more wells, this will be $1+ easily. Just gotta be patient. Hoping they can finish this well and get a couple more online by Jan/Feb time frame.
Get this laterial drilled into leaman and go into production and this is multi bagger
The dog days of summer ...
I bet we're just a few weeks out from some sort of an update. I believe the new drill team is scheduled to start the lateral hole mid August, and that will take about a week to complete. So thinking late August for an update which gives a few days of mishaps just in case it happens.
They will be pumping leamen next month
Someone is still dumping shares on the TSX exchange. But, someone is also clearly snatching those up down here. Should be a few more weeks but then I think we get some good news on how the Leaman clean up effort went. And hopefully production news and flow results shortly after.
Bid action picking up
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