Marksmen Energy Inc. Announces Termination of Letter of Intent for Proposed Reverse Takeover

Core Points - Marksmen Energy Inc. has terminated its letter of intent with T1 Technology Corporation due to the inability to finalize a definitive agreement by the deadline [1] - The company is actively involved in exploration and production in the Appalachian Basin, USA [1] Drilling Activities - In Ohio, a joint interest partner is drilling a well at 100% of their cost, nearing total depth, which is on a property targeted by Marksmen's 3D seismic [2] - Marksmen will earn a 6% gross overriding royalty after payout from this well [2] - Another joint venture partner has acquired a portion of Marksmen's lease and will also drill a well at 100% of their cost, granting Marksmen a 5% gross overriding royalty after payout [2] - The company is reviewing drilling opportunities from its 3D seismic data, including targets in the Trenton Black River Formation [2] Acquisition Plans - Marksmen's team is assessing new oil and gas projects in the Appalachian Basin for possible acquisition [3] - The company is working with the TSX Venture Exchange to resume trading of its common shares [3]