CALGARY, Aug. 31, 2015 /CNW/ - Marquee Energy Ltd.
("Marquee" or the "Company") (TSXV: "MQL") announces that
concurrent with the Acquisition previously announced on
August 13, 2015, the Company's
banking syndicate confirmed that Marquee' borrowing base remains
unchanged at $95 million. However, as
part of ongoing cost reduction initiatives, Marquee will reduce its
borrowing base to $70 million
effective August 31, 2015, which will
decrease future standby and commitment fees. Marquee
continues to focus on cost reductions and prudent management of its
balance sheet and expects to exit 2015 with net debt of
approximately $47-49 million.
Additionally, in accordance with the Company's previously
approved stock option plan, Marquee has granted an aggregate of
3,085,000 options ("Options") to purchase common shares in the
capital of the Company to certain directors, officers, employees
and consultants. The Options each have an exercise price of
$0.52 per common share, are
exercisable for a period of five years and vest in one quarter
increments on the sixth month, eighteenth month, thirtieth month
and forty second month anniversaries from the date of the
grant. The grants are subject to the approval of, and the
Company fulfilling the requirements of the TSX Venture
Exchange.
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, Marquee's estimate of exit 2015 net debt.
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:
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 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.
NON-GAAP FINANCIAL MEASURES
This press release contains the term "net debt", which does not
have a prescribed meaning under IFRS and, therefore, may not be
comparable with calculations of a similar nature by other
companies. Net debt is defined as current assets less current
liabilities (excluding fair value of commodity contracts).
Management considers net debt an important additional measure
of the amount that would be needed to pay off debt if no further
capital expenditures were incurred.
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.