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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 production.
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.
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