Arrangement Involving Marquee Energy Ltd. and Alberta Oilsands Inc. Conditionally Approved by TSX Venture Exchange

CALGARY, AB--(Marketwired - November 23, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Marquee Energy Ltd. ("Marquee" or the "Company") (TSX VENTURE: MQL) announces that the TSX Venture Exchange (the "TSXV") has provided its conditional approval of the proposed acquisition of Marquee by Alberta Oilsands Inc. ("AOS") through a plan of arrangement involving Marquee, its shareholders and AOS (the "Arrangement"). For more information on the Arrangement, please see the Company's press release dated August 19, 2016 and the arrangement agreement between Marquee and AOS dated August 19, 2016, as amended on October 11, 2016, each of which are available on the Company's SEDAR profile at www.sedar.com.

The TSXV provided its conditional approval of the Arrangement following the November 14, 2016 ruling from the Court of Appeal of Alberta, which was announced by the Company by press release dated the same date. The TSXV's final approval of the Arrangement is conditional upon the satisfactory receipt and review by the TSXV of customary documents and confirmations related to the closing of the Arrangement.

As also previously announced on November 14, 2016, at a special meeting of Marquee shareholders held the same date Marquee shareholders overwhelmingly approved the Arrangement, with the resolution receiving the support of approximately 98% of the votes cast at the meeting. Closing of the transaction remains subject to an application for a final order of the Court of Queen's Bench of Alberta approving the Arrangement. Marquee will provide further updates in due course.

ABOUT MARQUEE
Marquee Energy Ltd. is a Calgary based, junior energy company focused on high rate of return light 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 TSX Venture Exchange under the trading symbol "MQL" and on the OTC marketplace under the symbol "MQLXF." A corporate 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.

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.

FORWARD-LOOKING STATEMENTS OR INFORMATION
Certain statements included or incorporated by reference 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. Specific forward-looking statements or information in this news release include statements with respect to the anticipated timing of seeking and receiving a final order from the Court of Queen's Bench of Alberta in respect of the Arrangement involving Marquee, its shareholders and AOS, and the anticipated timing of closing the Arrangement.

Forward looking statements involves significant known and unknown risks and uncertainties, some of which are beyond the control of the Company, which could cause actual results to differ materially from those anticipated. For a description of these risks and uncertainties and assumptions upon which they are based, please refer to "Cautionary Notice Regarding Forward-Looking Statements and Information" in the Company's management information circular dated August 23, 2016. The circular is available on the Company's profile on SEDAR at www.sedar.com.

Although the Company believes that the expectations in such forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements and information contained in this news 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 news release is expressly qualified by this cautionary statement.