CALGARY, March 25, 2015 /CNW/ - Marquee Energy Ltd.
("Marquee" or the "Company") (TSXV: "MQL") has closed the
previously announced strategic acquisition (the "Acquisition") to
further consolidate its core Michichi area. The Acquisition
includes approximately 330 boe/d and 34 net sections of land
containing Banff/Mannville rights that are contiguous with
Marquee's existing land position and infrastructure at
Michichi.
"The Acquisition at Michichi solidifies our control of land and
infrastructure over a 25 mile long multi-zone, light oil fairway,"
said Richard Thompson, President and
CEO. Marquee has identified approximately 40 high-quality, light
oil locations on the acquired lands to add to its existing
technically driven drilling inventory.
With the successful closing of a number of recent corporate
transactions, Marquee is well positioned to exploit its superior
asset base, continue to lower its operating costs and maintain a
strong balance sheet.
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
Acquisition; the anticipated benefits of the Acquisition; the
Company's estimate of the number of drilling locations on the
assets to be acquired; anticipated favourable production economics
on the assets to be acquired; the proved and probable reserves
attributable to the assets to be acquired; the run rate cash flow
on the assets to be acquired; the Company's anticipated reduction
in OPEX and G&A spending; 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 Acquisition 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 Acquisition; 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: risks regarding integration of Marquee and
the assets to be acquired; incorrect assessment of the value of the
assets tp be acquired; and the failure to meet the conditions or
regulatory approvals required to close the Acquisition. Other
material risk factors affecting the Company and its business are
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.
ADDITIONAL ADVISORIES
Boes are presented on the basis of one Boe for six Mcf of
natural gas. Disclosure provided herein in respect of Boe may be
misleading, particularly if used in isolation. A Boe conversion
ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead. Given that the value
ratio based on the current price of crude oil as compared to
natural gas is significantly different from the energy equivalency
of 6:1, utilizing a conversion on a 6:1 basis may be misleading as
an indication of value.
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.