Marquee Energy Ltd. has completed the previously announced disposition of its non-core, gas-weighted asset located in the Pembina area of western Alberta (the "Transaction"). Consideration for the Transaction totalled approximately $14 million, with an effective date of September 1, 2014.
Subsequent to the Transaction, the Company's lenders confirmed that Marquee's total credit availability remains unchanged at $95 million.
In the short term, proceeds from the Transaction will be used to reduce the Company's current debt and increase financial flexibility. The Company's net debt as of August 31, 2014 was $65.8 million. Marquee is currently reviewing its 2014 and 2015 capital expenditure programs with plans to accelerate the growth and development of its core Michichi property.