MARKSMEN ANNOUNCES EXTENSION OF DEBENTURE

Marksmen Energy Inc. (“

Marksmen

” or the “

Company

”) is pleased to announce that it has entered into an agreement effective December 12, 2022 with a debenture holder (the “

Holder

”) to extend its non-convertible secured debenture (“

Debenture

”) that expires on December 31, 2022 to now expire on December 31, 2024. In connection with the extension to the expiry date, the Company has agreed to grant an additional 1,500,000 warrants to the Holder to acquire 1,500,000 common shares of the Company for an exercise price of $0.13 per share expiring December 31, 2024. All other terms of the Debenture will remain the same. Completion of the modifications to the Debenture and the granting of the additional warrants are subject to regulatory approval, including the approval of the TSX Venture Exchange.

For additional information regarding this news release please contact Archie Nesbitt, Director and CEO of the Company at [phone] or e-mail [e-mail].

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This news release may contain certain forward-looking information and statements, including without limitation, the closing of the agreement with the Holder of the Debenture and the Company's ability to obtain necessary approvals from the TSX Venture Exchange. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Marksmen’s disclosure documents on the SEDAR website at www.sedar.com. Marksmen does not undertake to update any forward-looking information except in accordance with applicable securities laws.