Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )

Marquee Energy Ltd. (“Marquee” or the “Company”) (TSXV: “MQL”) is pleased to release its financial and operational results for the three and six months ended June 30, 2015 and provide an operations update. The Company’s financial statements and Management’s Discussion and Analysis (“MD&A”) for the three months ended June 30, 2015 are available on SEDAR at www.sedar.com and on Marquee’s website at www.marquee-energy.com .

SECOND QUARTER HIGHLIGHTS

  • Maintained Q2-2015 production of 5,118 boe/d (49% oil and NGLs) representing a 2% increase compared to Q2-2014. For the six months ended June 30, 2015 production increased to 5,326 boe/d, an 18% increase over the comparable period in 2014.
  • Improved balance sheet strength with second quarter exit net debt of $48.8 million , representing 1.9 times debt to annualized funds flow from operations. Q2-2015 exit net debt is down 23% from year end 2014 net debt of $63.1 million .
  • Decreased Q2-2015 operating and transportation costs to $15.94 /boe, a 14% improvement from the comparable period in 2014. Savings resulted from service cost reductions and a strong focus on operating efficiencies.
  • Reduced general and administrative costs (“G&A”) costs to $3.59 /boe, a 2% decrease from Q2-2014. For the six months ending June 30, 2015 G&A costs have declined to $3.47 /boe, a decrease of 14% from the comparable period in 2014.

SUBSEQUENT EVENTS

On August 19, 2015 Marquee closed a strategic acquisition (the “Acquisition”) and accompanying facility arrangement (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 Facility Agreement enables the Company to complete consolidation of available assets in its core Michichi area without debt or dilution.

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.

FINANCIAL AND OPERATING HIGHLIGHTS

Three months ended June 30,

Six months ended June 30,

2015

2014

2015

2014

Financial (000’s except per share and per boe) amounts)

Oil and natural gas sales (1)

$

16,082

$

25,131

$

30,192

$

45,877

Funds flow from operations (2)

$

6,316

$

9,274

$

13,320

$

16,665

Per share – basic and diluted

$

0.05

$

0.08

$

0.11

$

0.17

Per boe

$

13.56

$

20.24

$

13.82

$

20.32

Net income (loss)

$

(4,750)

$

900

$

(8,881)

$

(1,850)

Per share – basic and diluted

$

(0.04)

$

0.01

$

(0.07)

$

(0.02)

Capital expenditures

$

1,038

$

4,173

$

7,767

$

17,170

Asset acquisitions including non-cash consideration

$

$

1,015

$

16,701

$

12,842

Dispositions

$

(35)

$

(501)

$

(27,956)

$

(529)

Net debt (2)

$

48,829

$

63,130

Total Assets

$

265,779

$

281,976

Weighted average basic and diluted shares outstanding

120,341

112,534

120,341

100,482

Operational

Net wells drilled

1.0

2.0

6.0

Daily sales volumes

Oil (bbls per day)

1,711

1,434

1,730

1,329

Heavy Oil (bbls per day)

622

525

696

518

NGL’s (bbls per day)

185

195

206

188

Natural Gas (mcf per day)

15,599

17,285

16,163

14,983

Total (boe per day)

5,118

5,035

5,326

4,532

% Oil and NGL’s

49%

43%

49%

45%

Average realized prices

Oil ($/bbl)

$

56.18

$

100.12

$

49.42

$

97.49

Heavy Oil ($/bbl)

$

51.23

$

82.23

$

41.61

$

77.46

NGL’s ($/bbl)

$

34.10

$

58.92

$

28.13

$

65.21

Natural Gas ($/mcf)

$

2.72

$

4.82

$

2.88

$

5.26

Netbacks

Combined ($/boe)

$

34.53

$

55.93

$

31.32

$

57.24

Royalties ($/boe)

$

(5.33)

$

(7.31)

$

(3.67)

$

(6.46)

Operating and transportation costs ($/boe)

$

(15.94)

$

(18.59)

$

(15.43)

$

(19.57)

Operating netbacks prior to hedging (3)

$

13.26

$

30.03

$

12.22

$

31.51

Realized hedging gain (loss) ($/boe)

$

4.86

$

(3.01)

$

6.01

$

(3.27)

Operating netbacks ($/boe) (3)

$

18.12

$

27.02

$

18.23

$

28.24

(1)

Before royalties.

(2)

Defined under the Additional-GAAP Measures section of this press release.

(3)

Operating netback is a non-GAAP measure, defined under the Non-GAAP Measures section of this press release.

OPERATIONS UPDATE

Due to the current weakness in commodity prices, Marquee has reduced its second half drilling program at Michichi from six wells to four wells in order to maintain financial flexibility. The first well was drilled in July and is now on production. The next three wells are being drilled from a multi-well pad which reduces capital costs and is expected to lower future operating costs. Two of the wells have been drilled and the third well is currently being drilled. Completions and tie in of the pad wells will occur in September and all three wells are expected to be on production in October. All four wells in the program demonstrate good economics in the current low price environment.

Marquee continues to focus on reducing operating and G&A expenses. The Company has reduced transportation and processing costs of emulsion by utilizing owned and operated facilities and reducing the use of third party facilities. Service costs continue to decline and chemical costs have been reduced. The recently announced transaction of oil and gas producing properties has not resulted in any additional staff in either the field or Calgary office.

OUTLOOK

The Company has a strong balance sheet and a low cost oil focused asset base which allow Marquee to mitigate its exposure to volatility in commodity prices, while also positioning it for strong growth as commodity pricing improves. Marquee will continue its careful management of capital expenditures and maintenance of prudent debt levels. The Company has a hedging program in place to provide a base level of revenue surety to protect short-term capital programs.

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.

The Directors and management of Marquee continue to monitor changes to commodity pricing and the current economic environment, as it affects both the Company’s business and that of its suppliers. Changes in capital spending are dependent on projected cash flow and market conditions and are reviewed quarterly by the Board of Directors.

ABOUT MARQUEE

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 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 .