Marksmen Energy Inc. (MKSEF: OTCQB) | Marksmen Announces First Closing of Private Placement


CALGARY, ALBERTA–(Marketwired – Feb 13, 2015) – Marksmen Energy Inc. (“Marksmen” or the “Company”) (TSX VENTURE:MAH)(OTCQB:MKSEF) is pleased to announce that it has completed the first closing of its previously announced non-brokered private placement for 3,868,000 units (the “Units”) of Marksmen at a price of $0.15 per Unit for gross proceeds of $580,200 (the “Offering”). The Units are comprised of one (1) common share (“Common Share”) and one-half of one (1/2) share purchase warrant (“Warrant”) of Marksmen. Each whole Warrant entitles the holder thereof to purchase one Common Share for $0.25 expiring two (2) years from the date of the closing of the Offering.

Marksmen did not pay any commissions in connection with the first closing of the Offering.

Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. The Common Shares and Warrants issued are subject to a four month hold period from the date of issuance.

The proceeds from the first closing will allow Marksmen to complete work on its first two capital projects previously announced in its press release dated January 19, 2015 and summarized below:

1. Tie-in Marksmen’s producing wells to water disposal well BJ78 #6: This will enable the Company to run lines and dispose of produced water from wells at: Strittmatter #1, BJ78 #11, BJ78 #10 and BJ78 #8. Currently water is being injected into a disposal well owned and operated by our JV partner and they charge a fee on a per barrel of water basis. Once the disposal well is operational, disposal costs will be reduced significantly and fluid and oil production will be optimized from all four (4) of the Company’s oil wells. It is expected to take about four to five weeks to complete the work.

2. Upgrade to Progressive Cavity Pumps (PCP): One well, BJ78 #8, has been successfully equipped with a PCP pump. Two other wells at BJ78 #11 and BJ7 8 #10 will be upgraded to this type of pump to allow a variable range of production from very low up to 750 barrels of fluid per day. This will allow Marksmen to optimize the fluid production and corresponding oil production.

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 without limitation, statements pertaining to the use of proceeds and the closing of the private placement including the Company’s ability to obtain necessary approvals from the TSX Venture Exchange. 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 Marksmen does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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