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Marksmen Energy Inc. (TSXV:MAH) announced that together with joint venture partner Houghton Investments LLC, Marksmen placed the first well drilled in Ohio on production. The well produced 144 barrels of Pennsylvania grade oil during production testing, featuring less than 1 percent water cut with no other fluids or gas. Overall, there was no notable production or pressure drop during the test.
Marksmen Energy Inc. (TSXV:MAH) announced that together with joint venture partner Houghton Investments LLC, Marksmen placed the first well drilled in Ohio on production. The well produced 144 barrels of Pennsylvania grade oil during production testing, featuring less than 1 percent water cut with no other fluids or gas. Overall, there was no notable production or pressure drop during the test.
As quoted in the press release:
The gross revenue per barrel is based on West Texas Intermediate prices, approximately $102, less a transportation charge of $2 per barrel. Marksmen’s share of production, net of royalties, is 75%.
Marksmen’s second well reached total depth on May 17, 2014 and there have been oil and gas shows in an upper formation and oil shows in the targeted Cambrian Knox formation. The well has been cased and will be perforated, stimulated and completed. Production testing is expected to take less than two weeks.
Click here to read the Marksmen Energy Inc. (TSXV:MAH) press release
