Marksmen Energy Inc. says that drilling operations in conjunction with the joint venture partner, Houghton Investments LLC (Houghton) began in early May, 2014. In the short time frame of two months five wells have been drilled.
The cost to drill each well was budgeted at USD $284,000. The drilling, completion and equipping costs in Ohio are substantially less than for wells of equivalent depth in Western Canada. Management believes that the low capital costs and high netbacks afford the opportunity to payout the capital expenditures on a well in a relatively short number of days.