Calgary-based Marquee Energy Ltd. announced October 12, 2012 that options to acquire an aggregate of 1,310,000 common shares have been granted to certain officers, employees and consultants of the oil and gas company at a price of $0.94 per common share.
The option grants are subject to the approval and requirements of the TSX Venture Exchange.
Marquee Energy Ltd. has also completed a strategic asset acquisition in its core Michichi area of Alberta. The acquisition provides strategic infrastructure to enhance the company's continued focus on developing its extensive inventory of identified Mannville and Banff oil opportunities in the area.
Marquee Energy Ltd. is a publicly traded junior oil and gas company currently focused on high rate of return oil and liquids rich gas production in Alberta.
Michichi Asset Acquisition
- Strategic infrastructure to support future growth, reduce on stream time and operating costs
- 6mmcf/d gas plant with sufficient available capacity to handle associated gas (estimated replacement value of $2MM)
- 27 km gathering system comprised of 6 inch gathering lines (estimated replacement value of $2.5MM)
- Two 100 HP compressors
- Expanded land position in the Michichi area
- 15.7 net sections (5.6 net sections with Mannville and Banff rights)
- Additional Mannville and Banff oil locations
- Commenced drilling the first of two Banff horizontal wells at Michichi in the fourth quarter
- Four vertical Michichi Banff wells were placed on production in late September
- Three well drill program at Lloydminster scheduled to spud in late October
- Two well Cardium drilling program at Willesden Green scheduled for late in the fourth quarter
The purchase price of the acquisition is $2.25MM (plus customary post-closing adjustments). The company will utilize working capital on hand, cash flow from operations and available credit facilities to complete the acquisition.