/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE
CALGARY, Dec. 31, 2013 /CNW/ - Marquee Energy Ltd. ("Marquee" or the "Company") (TSXV: MQL) is pleased to announce the closing of the previously
announced acquisition by the Company of substantially all of the
Western Canadian assets of Sonde Resources Corp. ("Sonde"), including all of its Southern Alberta properties (the "Assets"). The Assets are primarily located in Marquee's core area at
Michichi, Alberta immediately offsetting Marquee's lands and
The acquisition was completed pursuant to a plan of arrangement under
the Business Corporations Act (Alberta) (the "Arrangement"). At a special meeting of shareholders of Sonde held on December 30,
2013, shareholders of Sonde overwhelmingly approved the Arrangement
with approximately 99.3% of the votes cast voting in favour of the
Arrangement. The final court order in respect of the Arrangement was
also granted on December 30, 2013.
Pursuant to the Arrangement, Sonde received 0.34 of a Marquee common
share ("Marquee Share") for each Sonde common share outstanding, or in aggregate 21,182,492
Marquee Shares, and $15 million in cash. Pursuant to the terms of the
Arrangement Sonde has distributed to its shareholders all Marquee
Shares, and has retained the cash received.
In connection with the Arrangement, Marquee is also pleased to announce
the appointment of James Riddell, William Roach and Greg Turnbull to
the board of directors of Marquee. Messrs. Bay and Hammond have
resigned as directors of Marquee and Marquee thanks them for their
contributions. As a result, the new board of directors of Marquee is
comprised of Richard Alexander, Glenn Carley, Dennis Feuchuk, James
Riddell, William Roach, Richard Thompson and Greg Turnbull.
ABOUT MARQUEE ENERGY LTD:
Marquee Energy Ltd. is a publicly traded Calgary-based growth oriented
junior oil and gas company currently 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. 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.
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.
For further information:
President & Chief Executive Officer
Vice President, Finance & Chief Financial Officer