Marksmen Energy Inc. ("Marksmen" or the "Company") (TSX VENTURE:MAH)(OTCQB:MKSEF) and its wholly owned subsidiary Marksmen Energy USA, Inc. announces financial results for the interim period ended March 31, 2017. The following documents have been filed on SEDAR:
Highlights for quarter ended March 31, 2017 and 2016
Selected financial and operational information for the first quarter of 2017 are set out below and should be read in conjunction with Marksmen's financial statements, and the related MD&A.
Davis-Holbrook #1 drilled in July of 2016.
Net Loss and Comprehensive Loss before Tax - improved significantly to $(17,861) in the first quarter of 2017 compared to a loss of $(502,713) in the first quarter of 2016, an improvement of $484,852.
Revenue, less royalties, and production expenses has resulted in a significant improvement of the net petroleum income of approximately thirty-five times in the first quarter of 2017 compared to the same period in 2016.
Cash - increased over two and a half times to $335,667 in the first quarter of 2017 compared to $116,806 in the same period of 2016.
Cash-flow provided by operating activities - is positive in the first quarter of 2017 at $127,868 and is approximately five times the negative cash-flow of $(503,621) in the first quarter of 2016.
Other Costs - general and administrative expenses were similar in quarter over quarter comparisons at approximately $124,000. Depletion, a non-cash expense, increased proportionally with production from $33,497 in the first quarter of 2016 to $133,911 in the first quarter of 2017.
Common Shares issued and outstanding - there are 80,550,432 common shares outstanding as of March 31, 2017 compared to 63,593,152 common shares outstanding at March 31, 2016.
In June of 2016 the Company drilled the Davis-Holbrook #1 well and it was put on production in mid-July. It has contributed significantly to the revenue of the Company in the second half of 2016. The total production from this well to December 31, 2016 is 13,223 barrels of oil or 9,917 barrels net to Marksmen. As of the end of March 2017 the well has produced a total of 19,335 barrels of oil or 14,501 barrels net to Marksmen.
In February of 2017, the well at Delong-Davis #1 was deepened by approximately 20 feet to expose more of the producing zone. The total production from this well in the first quarter was 1,473 barrels of oil gross or 663 net barrels to Marksmen.
Marksmen is currently evaluating offset drilling opportunities on its current land position. The Company is also evaluating other land, 3D seismic and drilling opportunities in Ohio.
Marksmen is an emerging energy company with an initial focus on exploring and developing light oil assets in Ohio.
SOURCE: Marksmen Energy Inc.
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