Published On: Sun, Aug 31st, 2014

Marksmen Energy Inc. (OTCMKTS:MKSEF): 2Q14 and 1H14 Financial Results

Marksmen Energy Inc. (OTCMKTS:MKSEF) recently reported its consolidated financial results for 2Q14 and 1H14 periods ended June 30, 2014. The company also reported the filing of interim Financial Statements and related Management’s Discussion and Analysis on SEDAR. The company reported total revenue of CAD 74,653 during 2Q14, which included petroleum and natural gas revenue of CAD 85,511 and royalties of CAD (10,858). The company’s total loss and comprehensive loss during 2Q14 increased to CAD (0.29) million as compared to CAD (0.16) million during 2Q13. On a per share basis, the company reported loss of CAD (0.01) per basic and fully diluted share for both 2Q14 and 2Q13 due to change in its weighted average number of common share outstanding to 47.71 million at the end of 2Q14 as compared to 33.71 million at the end of 2Q13.

Marksmen Energy Inc. (OTCMKTS:MKSEF) reported loss from operations at CAD (0.3) million during 2Q14 as compared to CAD (0.15) million during 2Q13. The company’s general and administrative expenses during 2Q14 nearly doubled to CAD (0.15) million as compared to (0.075) million during 2Q13. The company’s Ohio Business Development expenses also increased significantly to CAD (82,893) during 2Q14 as compared to CAD (14,075) during 2Q13. Share-based payments increased to CAD (16,326) during 2Q14 as compared to CAD (4,147) during 2Q13. The company’s investor relations and conferences related expenses approximately halved to CAD (26,042) during 2Q14 as compared to CAD (52,384) during 2Q13.

For six-month period, Marksmen Energy Inc. (OTCMKTS:MKSEF) reported total loss and comprehensive loss of CAD (0.53) million in 1H14 as compared to CAD (0.35) million in 1H13. The company’s loss from operations increased to CAD (0.51) million in 1H14 as compared to CAD (0.35) million in 1H13. The company reported cash and cash equivalents of CAD 482,863 as at June 30, 2014 as compared to CAD 644,549 as at December 31, 2013.

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