SOURCE: Marquee Energy Ltd.

Marquee Energy Ltd.

December 24, 2015 12:11 ET

Marquee Energy Announces Completion of Private Placement

CALGARY, AB--(Marketwired - December 24, 2015) - Marquee Energy Ltd. ("Marquee" or the "Company") (TSX VENTURE: MQL.V) is pleased to announce the completion of its previously announced private placement. Due to oversubscription the Company issued a total of 2,824,967 common shares in the capital of Marquee to be issued on a Canadian Exploration Expense ("CEE") flow-through basis under the Income Tax Act (Canada) at a price of $0.60 per share for aggregate gross proceeds of $ 1,694,980. The Company paid finder's fees to two registered brokers of an aggregate of $67,800 or approximately 4% of the gross proceeds of the private placement.

The shares issued will be subject to a four-month hold period, which expires on April 25, 2016. The proceeds from the issuance of the shares will be used by Marquee to incur CEE expenses (the "Qualifying CEE Expenditures") on Marquee's existing Canadian properties at Michichi prior to December 31, 2016 and Marquee will renounce the Qualifying CEE Expenditures to purchasers of the shares for the fiscal year ended December 31, 2015.

ABOUT MARQUEE

Marquee Energy Ltd. is a Calgary based, junior energy company focused on high rate of return 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 Toronto Stock Exchange under the trading symbol "MQL.V" and on the OTCQX marketplace under the symbol "MQLXF". An updated 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.

Forward Looking Information

This press release contains forward-looking statements. Such forward-looking statements typically contain statements with words such as "anticipate", "expect", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. More particularly, this press release contains statements concerning the completion and terms of the private placement, the timing thereof and the expected use of proceeds therefrom. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Marquee, all or any of which may prove incorrect, including without limitation: use of proceeds, exploration plans and the timing thereof.

Although Marquee believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Marquee can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), uncertainty as to the availability of labour and services, commodity price and exchange rate fluctuations, unexpected adverse weather conditions and changes to existing laws and regulations. Certain of these risks are set out in more detail in Marquee's current Annual Information Form, which is available on Marquee's profile SEDAR at www.sedar.com.

Forward-looking information is based on estimates and opinions of management of Marquee at the time the information is presented. Marquee may, as considered necessary in the circumstances, update or revise such forward-looking information, whether as a result of new information, future events or otherwise, but Marquee undertakes no obligation to update or revise any forward-looking information, except as required by applicable securities laws.

READER ADVISORY

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.

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