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.
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.
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.
For further information: Richard Thompson, President & Chief Executive Officer, (403) 817-5561, [email protected] ; or visit the Company's website at www.marquee-energy.com