CALGARY, Alberta, June 07, 2017 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (TSX:MAH) (OTCQB:MKSEF) (“Marksmen” or the “Company”) and its wholly owned subsidiary Marksmen Energy USA, Inc. announces that its operating agreement with Houghton Investments LLC (“Houghton”) is terminated. The operating agreement defined the relationship of both parties in an Area of Mutual Interest (“AMI”) in Pickaway County, Ohio.
The operating agreement between Marksmen Energy USA, Inc. and Houghton Investments LLC lapsed due to a failure to agree on the drilling of an additional well in a specified time frame. Although the agreement has been successful for both parties, each company is currently re-evaluating individual interests outside the AMI. Rather than renegotiating new terms and amending the operating agreement both parties agree that it is now an appropriate time to pursue other interests.
Houghton transferred operatorship to Marksmen Energy, USA Inc. of the producing wells and water injection well/facility in January of 2017. Marksmen will continue to operate the wells.
The lapsing of the agreement does not prevent Marksmen and Houghton from entering into new operating agreements on other wells outside the AMI. Houghton and Marksmen remain business partners on all earned wells and lands.
Marksmen has other joint venture opportunities in Ohio and is currently evaluating additional drilling, land acquisition and 3D seismic opportunities in Ohio.
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 drilling and other opportunities available to Marksmen. 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.