CALGARY, AB–(Marketwired – May 04, 2016) – Marquee Energy Ltd. (“Marquee” or the “Company”) (TSX VENTURE: MQL) announces that it has entered into a purchase and sale agreement for the sale of a non-core, shallow gas asset for total cash consideration of $4.5 million, prior to customary closing adjustments (the “Transaction”). The Transaction is expected to close on or about May 31, 2016, subject to applicable regulatory approvals.
The asset includes approximately 500 gross / 396 net wells and averaged approximately 5,700 mcf/d in Q1 2016. The Company expects the disposition to have a positive impact on operating costs, general and administration expenses and the Company’s asset retirement obligations, while having minimal impact on cashflow. In the short term, the gross proceeds from the sale of the assets will be used to reduce the Company’s current debt and improve financial flexibility. The disposition is consistent with Marquee’s strategy to divest of the Company’s non-core assets to further focus the Company on its Detrital/Banff oil play at Michichi.
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 and development within its core area at Michichi. The Company’s shares are traded on the TSX Venture Exchange under the trading symbol “MQL” and on the OTCQX marketplace under the symbol “MQLXF”. Current 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.