Marquee Energy Ltd. has entered into a syndicated credit facility agreement with two Canadian Chartered banks that provides a total credit availability of $95 million, comprised of a revolving and operating facility of up to $80 million, plus an acquisition facility of up to $15 million. The Company's net debt at June 30, 2014 was $57 million.
Marquee has drilled three wells at Michichi since early June 2014. The wells offset drilling successes reported on April 10, 2014. The first new well was placed on production July 28, 2014, the other two wells are expected to be on production by the middle of August. Drilling of a fourth well is underway at Michichi and Marquee plans to drill five more wells in a continuous drilling program expected to conclude in early November 2014. This will complete the Company's planned 2014 drilling program of 12 new Banff horizontal wells at Michichi.