CALGARY, AB–(Marketwired – May 23, 2017) – Marquee Energy Ltd. (“Marquee” or the “Company”) (TSX VENTURE: MQX) is pleased to provide an update for its Q1 2017 drilling program at Michichi. Three Banff horizontal light oil wells were drilled, completed and tied in from a single pad location for an average total cost of $1.79 million each. The wells began production the first week of April with an average IP30 of 231 boe/d per well based on field estimates. The wells are continuing to clean-up and are producing with high fluid levels. Certainty with respect to oil rates and water cuts will be established once the clean-up phase is completed and the wells stabilize. Over the last week the wells have averaged 308 boe/d per well. The wells qualify for the Alberta Energy initial New Well Royalty Rate (“NWRR”) of 5%.
The Company will announce its first quarter operational and financial results for the three months ended March 31, 2017 on May 30, 2017.
Marquee is a Calgary based, junior energy company focused on light oil development and production in the Michichi area of eastern Alberta. Marquee’s shares trade on the TSX Venture Exchange under the trading symbol “MQX”. 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.