Marksmen Energy Inc. announce that on May 15, 2014 Marksmen and its Joint Venture Partner, Houghton Investments LLC, placed their first well drilled in Ohio on production. During production testing, the well produced 144 barrels of Pennsylvania grade oil (approximately 40 to 42 API) with less than 1% water cut and no other fluids or gas, from the Cambrian Knox formation.
The well was placed on production with a temporary power source and it produced at 6 barrels per hour over intervals totaling 24 hours which equates to 144 barrels over a 24 hour time period. There was no significant production or pressure decline during the test. The well is currently stabilized and is producing at an initial production rate of 120 barrels of oil per day. A pressure transient analysis or well-test interpretation has not been performed and therefore the results should be considered preliminary until such analysis has been completed.