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Marquee Energy sells non-core asset for $14 million


Published Sep 29, 2014
Marquee Energy Ltd.

Marquee Energy Ltd. has entered into a purchase and sale agreement for the sale of a non-core, gas-weighted asset in the Pembina area of western Alberta for total consideration of $14 million, prior to customary closing adjustments (the "Transaction"). The Transaction is expected to close on or about September 30, 2014, subject to applicable regulatory approvals.

The asset's current production is approximately 300 boe/d (76% gas-weighted) with an annualized cash flow of approximately $2.3 million. Given the continued drilling success in Marquee's core area at Michichi, the Company expects to maintain its previously stated 2014 exit production guidance of 5,500-5,700 boe/d.

Tags: Marquee Energy Ltd.




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