CALGARY, Dec. 22, 2014 /CNW/ - Marquee Energy Ltd.
("Marquee" or the "Company") (TSXV: "MQL") announces that it
intends to implement a normal course issuer bid ("NCIB") through
the facilities of the TSX Venture Exchange ("TSXV"). Pursuant to
the NCIB, Marquee would be able to purchase for cancellation up to
6,017,034 (5%) of its common shares (the "Shares") issued and
outstanding for a one year period, at prevailing market prices.
Subject to regulatory approval, the one year period will commence
on January 5, 2015 and expire on
January 4, 2016. The brokerage
firm conducting the NCIB on behalf of Marquee is Peters & Co.
Limited.
Marquee believes that, from time to time, the repurchase of its
Shares for cancellation when market prices do not reflect the value
of the Company's assets and opportunities could represent an
appropriate use of available cash. To the extent that Marquee
purchases Shares for cancellation in accordance with the NCIB, the
remaining shareholders would benefit through an increased equity
interest in the Company's assets.
Marquee's board and management team have successfully grown
numerous junior oil and gas companies through previous commodity
cycles. We are committed to exercising a disciplined approach to
capital spending during this time of low commodity prices in order
to maintain the Company's financial strength and flexibility.
Marquee will provide guidance in mid-January for the first half of
2015 based on spending within cash flow. Further capital plans for
2015 will be announced as price stability is established. The
Company will continue to focus on efficiency improvements in
capital, operating and overhead expenditures in the year ahead.
Marquee has established concentrated growth oriented, low cost, oil
focused assets at Michichi and Lloydminster with a multiyear drilling
inventory. We are looking forward to the challenges and
opportunities of 2015.
ABOUT MARQUEE
Marquee Energy Ltd. is a Calgary based, junior oil and gas 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 TSXV 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 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
relate to, among other things, the commencement of a normal course
issuer bid and the benefits to be derived therefrom.
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, general market and economic conditions.
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. The 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.
ADDITIONAL ADVISORIES
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.