US light oil exploration company Marksmen Energy has found “signifcant” deposits from its assets in Ohio.
The company said that with 3D seismic testing having indicated significant oil and gas shows in the top of the historic Cambrian Knox formation, production is expected to be on-line by mid-August. Marksmen has a 45% working interest in the Cambrian Knox remnant well -the Delong-Davis Unit #1 – in Pickaway County.
Marksmen believes that even at depressed oil prices its wells can be economically exploited because of the low drilling and operating costs for its shallow light oil drilling programs in Ohio.
The well was drilled based on the latest 3D seismic program completed in May 2015 with joint venture partners Hocking Hills Energy and Chuck Henry Energy.
Marksmen currently has leasehold interests aggregating approximately 12,000 acres in Pickaway County.
Chief executive and president Archie Nesbitt, said: “Marksmen is very pleased with the initial results from this well based on the very significant contribution that 3D seismic and its interpretation by our technical experts have made to the overall success to date.
“The program validates the importance of using the best 3D seismic techniques available to exploit the oil bearing zones in this part of Ohio.”
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