MARKSMEN ANNOUNCES DRILLING PROGRAM UPDATE

CALGARY, ALBERTA, Sept. 30, 2022 (GLOBE NEWSWIRE) — Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSXV: MAH) is pleased to announce the following update to its 2022 drilling program:

Portage County, Ohio – Marksmen and its working interest partner, PEP Drilling LLC (“PEP”), have successfully recompleted the Clinton Sandstone zone of the Reese #1 oil and gas well. Marksmen has an 80% working interest before payout. Currently the well is producing oil and gas but is still recovering residual completion fluids. Minor technical issues with surface equipment are being addressed. The first load of oil is expected to be sold early next week.

Pickaway County, Ohio – Marksmen, as part of its continuing agreement with its long-term partner, Houghton Investments LLC (“Houghton”) is in the process of drilling additional Cambrian Knox offset wells, back-to-back.

The Holbrook Davis #1 (“HD1”) well has been drilled, logged, cased, and swab tested with good oil shows to surface. The logging and swabbing operation results are similar to those on the Davis Holbrook #2 well. Bottom hole equipment has been put in place and surface equipment and flow lines are currently being installed. Marksmen anticipates the well will be put on production in the first week of October. Marksmen has a 75% working interest in this well.

The Holbrook Davis #2 well is exciting in that an upper zone has been encountered that was not fully developed in our other Pickaway County wells.   It is a thick zone and during drilling flowed significant oil to surface. This zone has been cased, and isolated and is awaiting more comprehensive logging with a technically advanced logging system. The lower zones that are similar in depth and thickness to our other wells are currently being drilled out and will be logged and swab tested in the same manner as HD1. Markmen is anticipating that this well will be put on production by the third week of October. Marksmen has a 100%…