Marksmen Energy Inc. (TSXV: MAH) (“Marksmen” or the “Company”) announces that it has filed disclosure documents for the year ended December 31, 2023, on SEDAR+ as listed below:
- Audited Consolidated Financial Statements
- Management’s Discussion and Analysis
- Form 51-101F1 - Statement of Reserve Data and Other Oil and Gas Information
- Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserve Evaluator
- Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure
For the year ended December 31, 2023, Marksmen did a thorough review of its Exploration and Evaluation (E&E) assets and its Property and Equipment (P&E) assets, in conjunction with its auditors and reserve evaluators. This resulted in an impairment (write down) of these assets.
E&E assets represent the acquisition of undeveloped land, seismic activity and the costs associated with wells that have not reached technical feasibility and commercial viability within Ohio, USA. These assets were impaired by $430,832.
P&E assets represent wells and facilities in Ohio, USA. Based on the 2023 reserves report these assets did not exceed their carrying value and accordingly were impaired by $3,051,672. Marksmen has engaged an Alberta based engineering firm to, among other things, introduce process improvement techniques and optimization of these wells, which if successful, could reverse some of this impairment.