CALGARY, Aug. 19, 2015 /CNW/ - 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.
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
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.
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 anticipated closing date of the Transaction and the
facility financing; reserves volumes and the net present value of
future net revenue in relation thereto; the number and quality of
future potential drilling and development opportunities;
anticipated capital budgets and expenditures; petroleum and natural
gas sales; the size and extent of the Michichi oil fairway; ; the
expected benefits to be derived from the Transaction and the
facility financing described as "Acquisition Highlights".
In addition, statements relating to "reserves" are by their
nature forward-looking information, as they involve an implied
assessment, based on certain estimates and assumptions that the
reserves described can be profitably produced in the future. The
recovery and reserves estimates provided herein are estimates only
and there is no guarantee that the estimated reserves will be
recovered. The estimated future net revenue from the production of
the disclosed oil and natural gas reserves does not represent the
fair market value of these reserves.
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; the ability to successfully integrate
acquisitions into Marquee's business 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.
DRILLING LOCATIONS
This press release discloses drilling locations in three
categories: (i) proved locations; (ii) probable locations; and
(iii) unbooked locations. Proved locations and probable locations
are derived from the Company's most recent independent reserves
report prepared by Sproule Associates Ltd. as at December 31, 2014 and account for drilling
locations that have associated proved and/or probable reserves, as
applicable. Unbooked locations are internal estimates based on the
Company's prospective acreage and assumptions as to the number of
wells that can be drilled per section based on industry practice
and internal review. Unbooked locations do not have attributed
reserves. Of the 290 (net) Michichi drilling locations
identified herein, 29 are proved locations, 29 are probable
locations and the remaining 232 are unbooked locations. Unbooked
locations have been identified by management as an estimation of
our multi-year drilling activities based on evaluation of
applicable geologic, seismic, engineering, production and reserves
information. There is no certainty that the Company will drill all
unbooked drilling locations and if drilled there is no certainty
that such locations will result in additional oil and gas reserves
or production. The drilling locations on which the Company will
actually drill wells will ultimately depend upon the availability
of capital, regulatory approvals, seasonal restrictions, oil and
natural gas prices, costs, actual drilling results, additional
reservoir information that is obtained and other factors. While
certain of the unbooked drilling locations have been de-risked by
drilling existing wells in relative close proximity to such
unbooked drilling locations, other unbooked drilling locations are
farther away from existing wells where management has less
information about the characteristics of the reservoir and
therefore there is more uncertainty whether wells will be drilled
in such locations and if drilled there is more uncertainty that
such wells will result in additional oil and gas reserves or
production.
ADDITIONAL ADVISORIES
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.