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CALGARY, March 13, 2018 /CNW/ - Marquee Energy Ltd.
("Marquee" or the "Company") (TSXV: "MQX") announces commencement
of a review of strategic alternatives to enhance shareholder
value.
Marquee's Board of Directors has determined it is timely,
prudent and in the best interests of the Company and its
stakeholders to commence a formal process to explore strategic
alternatives. Such strategic alternatives may include, but are not
limited to, a corporate sale, merger or other business combination,
a sale of all or a portion of Marquee's assets, a royalty, a joint
venture, strategic investment or other significant transaction. The
Company believes that the current trading price of its common
shares does not reflect the value of Marquee.
The Company has engaged GMP Securities L.P. ("GMP FirstEnergy")
as financial advisor to advise the Company in connection with this
broad and comprehensive review and analysis of strategic
alternatives.
Marquee has not set a definitive schedule to complete its
identification, examination and consideration of strategic
alternatives. The review process has not been initiated as a result
of receiving any transaction proposal. Given the nature of the
process, the Company does not intend to provide updates with
respect to the process until such time as the Board of Directors
approves a definitive transaction or strategic alternative, or
otherwise determines that further disclosure is advisable. The
Company cautions that there are no guarantees that the review of
strategic alternatives will result in a transaction or if a
transaction is undertaken, as to its terms or timing.
The Company will continue to operate under its base business
plan which has been designed to preserve the value and optionality
of the assets, manage financial capacity and maintain cost
discipline while sustaining the Company's efforts to evaluate and
pursue strategic alternatives.
ABOUT MARQUEE
Marquee is a Calgary-based, junior energy Company focused
on light oil development and production in the Michichi area of
eastern Alberta. Marquee's shares
trade on the TSX Venture Exchange under the trading symbol
"MQX". 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
SEDAR at www.sedar.com.
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.
FORWARD‐LOOKING STATEMENTS
This press release contains forward‐looking statements. Such
forward‐looking statements typically contain statements with words
such as "anticipate", "expect", "intend", "estimate", "propose", or
similar words suggesting future outcomes or statements regarding an
outlook. More particularly and without limitation, this news
release contains forward‐looking statements and information
concerning the Company's review of strategic alternatives. The
forward‐looking statements contained in this document are based on
certain key expectations and assumptions made by Marquee, all or
any of which may prove incorrect, including without limitation the
expectations and assumptions concerning the timing and success of
future drilling and development activities and overall business
strategy. Although Marquee believes that the expectations and
assumptions on which the forward‐looking statements are based are
reasonable, undue reliance should not be placed on the
forward‐looking statements because Marquee can give no assurance
that they will prove to be correct.
Forward-looking statements and information are provided for
the purpose of providing information about the current expectations
and plans of management of the Company relating to the future.
Readers are cautioned that reliance on such statements and
information may not be appropriate for other purposes, such as
making investment decisions. Since forward‐looking statements
address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to, the
risks associated with the oil and gas industry in general such as
operational risks in development, exploration and production delays
or changes in plans with respect to exploration or development
projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
reserves, production, costs and expenses; health, safety and
environmental risks; commodity price and exchange rate
fluctuations; marketing and transportation; loss of markets;
environmental risks; competition; incorrect assessment of the value
of acquisitions and failure to realize the anticipated benefits of
acquisitions; ability to access sufficient capital from internal
and external sources; failure to obtain required regulatory and
other approvals and changes in legislation, including but not
limited to tax laws, royalties and environmental regulations.
Certain of these risks are set out in more detail in Marquee's
current Annual Information Form, which is available on Marquee's
SEDAR profile at www.sedar.com.
The forward‐looking statements and information contained in
this news release are made as of the date hereof and no undertaking
is given to update publicly or revise any forward‐looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws. The forward-looking statements or
information contained in this news release are expressly qualified
by this cautionary statement.
SOURCE Marquee Energy Ltd.