Marquee Energy Ltd. (“Marquee” or the “Company”) (TSXV: “MQL”) closed the previously announced strategic acquisition (the “Acquisition”) and accompanying facility financing (the “Facility Agreement”) to further consolidate its core Michichi area. The Acquisition includes approximately 550 boe/d, 21 net sections of land containing Banff rights that are contiguous with Marquee’s existing light oil play, and extensive infrastructure.
The Acquisition represents the fourth significant growth transaction completed by the Company in its Michichi core area in the last 20 months. Marquee now owns approximately 270 net undeveloped sections of land in its Michichi core area and has expanded its horizontal light oil prospect inventory to more than 290 locations.
Marquee is uniquely positioned at Michichi with a dominant operated land and infrastructure position, controlling the pace and development of the Banff /Detrital light oil play, while continuing to lower both capital and operating costs. The Company’s strong financial position provides for stability throughout the changing commodity environment.
Marquee Energy Ltd. is a Calgary based, junior energy company focused on high rate of return oil development and production. Marquee is committed to growing the company through exploitation of existing opportunities and continued consolidation within its core area at Michichi. The Company’s shares are traded on the Toronto Stock Exchange under the trading symbol “MQL.V” and on the OTCQX marketplace under the symbol “MQLXF”. An updated presentation and additional information about Marquee may be found on its website http://www.marquee-energy.com and in its continuous disclosure documents filed with Canadian securities regulators on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.