CALGARY, March 24, 2015 /CNW/ - Marquee Energy Ltd.
("Marquee" or the "Company") (TSXV: "MQL") has closed the
previously announced sale of a static production volume royalty
("PVR") on its Lloydminster
property for net proceeds of $20
million. The sale (the "Transaction") provides a
non-dilutive source of funding to Marquee which will be used to
reduce debt and to fund the Company's 2015 Michichi capital
expenditure program.
The Transaction highlights Marquee's focus on the continued
consolidation and growth of its core Michichi area, as well as the
Company's efforts to protect its balance sheet, increase financial
flexibility and deliver shareholder value.
Marquee also announces that it has renewed its syndicated credit
facility agreement with two Canadian Chartered banks that provides
a total credit availability of $95
million, comprised of a revolving and operating facility of
up to $80 million, plus an
acquisition facility of up to $15
million. The next review of Marquee's credit facility is
scheduled for October 2015.
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.
FORWARD LOOKING STATEMENTS OR INFORMATION
Certain statements included or incorporated by reference in this
news release may constitute forward looking statements under
applicable securities legislation. Such forward looking
statements or information typically contain statements with words
such as "anticipate", "believe", "expect", "plan", "intend",
"estimate", "propose", or similar words suggesting future outcomes
or statements regarding an outlook. Forward looking
statements or information in this news release may include, but are
not limited to: the timing of matters related to the Transaction;
the anticipated benefits of the Transaction; the expected use of
proceeds of the Transaction; the Company's estimate first half-2015
debt/cashflow multiple; the Company's forecasted ability to
maintain certain production levels on the Lloydminster property, funded by free cash
flow; and business strategies, objectives and outlook.
Such forward-looking statements or information are based on a
number of assumptions all or any of which may prove to be
incorrect. In addition to any other assumptions identified in
this document, assumptions have been made regarding, among other
things: that the Transaction and all required approvals will be
completed within the timeline anticipated by Marquee; that the
parties will be able to satisfy, in a timely manner, the other
conditions to the closing of the Transaction; the ability of the
Company to obtain equipment, services and supplies in a timely
manner to carry out its activities; the ability of the Company to
market crude oil, natural gas liquids and natural gas successfully
to current and new customers; the ability to secure adequate
product transportation; the timely receipt of required regulatory
approvals; the ability of the Company to obtain financing on
acceptable terms; interest rates; regulatory framework regarding
taxes, royalties and environmental matters; future crude oil,
natural gas liquids and natural gas prices; and management's
expectations relating to the timing and results of development
activities.
Forward-looking information is based on current expectations,
estimates and projections that involve a number of risks and
uncertainties which could cause actual results to differ materially
from those anticipated by the Company and described in the
forward-looking information. These risks and uncertainties include,
but are not limited to the failure to meet the conditions or
regulatory approvals required to close the Transaction and other
material risk factors affecting the Company and its business
contained in Marquee's Annual Information Form, which is available
under Marquee's issuer profile on SEDAR at www.sedar.com.
The forward-looking information contained in this press release
is made as of the date hereof and the Company undertakes no
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, unless required by applicable securities laws. The
forward looking information contained in this press release is
expressly qualified by this cautionary statement.
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 release.
SOURCE Marquee Energy Ltd.