Marksmen Energy Inc. (TSXV: MAH) has initiated its first 3-D seismic geophysical survey in Ohio.
Marksman entered into a general agreement for land geophysical services with Bay Geophysical Inc. of Traverse City, Mich., for the completion of the 3-D seismic geophysical survey. Permitting and survey activities are currently under way and Bay Geophysical's acquisition equipment is expected to be on the ground in early to mid-October.
Bay will conduct a high resolution P-Wave 3-D Vibroseis reflection survey and utilize a 1280 channel ARIES recording system for data acquisition.
Additionally, Marksmen's board of directors has approved the granting of stock options to certain consultants to purchase 300,000 common shares of the corporation subject to regulatory and TSX-V approval. The options were issued with an exercise price of $0.17 per share and will vest as to one-third immediately and one-third on each of the next two anniversaries of the date the option agreement is executed and have a five year term.
The company also announced the resignation of Bruce Barren as a director of Marksmen. The board of directors thanked Barren in the release for his efforts and wish him success in his future endeavors.
Marksmen Energy Inc. is an emerging energy company with an initial focus on exploring and developing light oil assets in Ohio. The company is headquartered in Calgary.