MARKSMEN ANNOUNCES NON-BINDING LETTER OF INTENT

About this update from Marksmen Energy Inc.

MARKSMEN ANNOUNCES NON-BINDING LETTER OF INTENT CALGARY, ALBERTA, Aug. 14, 2026 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (“Marksmen” or the “Company”) is a junior oil and gas company in Alberta, Canada and is pleased to announce that it has entered into a non-binding letter of intent (“LOI”) with Axiom Oil and Gas Inc (“Axiom”) to form a strategic alliance focused on the development, optimization and acquisition of oil and natural gas assets. Marksmen is a publicly listed oil and gas company active primarily in the Appalachian Basin in the United States.  Axiom is a private Alberta oil and gas company with existing production and an experienced operating and technical team. On August 7, 2026, Marksmen announced a private placement of up to $1,380,000, including up to $1,000,000 intended to acquire interests in Alberta oil and gas properties. Marksmen can now confirm that Axiom is the private Alberta producer referenced in that announcement. Marksmen Energy Inc. and Axiom Oil and Gas Inc. executed a non-binding letter of intent under which Marksmen will use the proceeds of the private placement to fund service rig and pipeline work to restore and improve production at approximately 15 suspended Axiom wells requiring mechanical repairs.  In return, Marksmen will earn a gross overriding royalty (“GORR”) in a property owned and operated by Axiom, potentially Harmattan. The specific GORR percentage, applicable lands and wells, will be agreed upon and documented prior to the deployment of capital.  Axiom will manage and supervise the workover program utilizing its existing operating and technical capabilities. Marksmen is also evaluating a potential development farm-in opportunity involving certain Axiom lands. Axiom's technical team has identified approximately 50 potential horizontal oil development locations on these lands. Subject to technical and economic evaluation, financing and definitive agreements, Marksmen may earn an 80% to 85% working interest in new wells by funding 100% of agreed drilling, completion, equipping and tie-in development costs. The parties currently contemplate an initial development program of approximately 15 to 25 wells, with the scope, timing and pace of development to be determined based upon technical results, commodity prices, available capita...

View stock analysis, news, and events for Marksmen Energy Inc.