SOURCE: Marquee Energy Ltd.

Marquee Energy Ltd.

September 20, 2016 17:33 ET

Marquee Energy Ltd. Announces Intention to Adjourn September 21, 2016 Special Meeting of Shareholders and Intention to Appeal Court Order

CALGARY, AB--(Marketwired - September 20, 2016) -

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Marquee Energy Ltd. ("Marquee" or the "Company") (TSX VENTURE: MQL) (OTCQX: MQLXF) announces that the special meeting of shareholders (the "Special Meeting") to be held on Wednesday, September 21, 2016, called to consider, and if thought advisable, to approve a special resolution authorizing the Arrangement with Alberta Oilsands Inc. (as described in the Company's news release dated August 19, 2016) will be adjourned. It is expected that the adjourned Special Meeting will reconvene on Friday, October 14, 2016 at 8:30 a.m. (Calgary time) at the Altius Centre, 201, 500 - 4th Avenue S.W., Calgary, Alberta.

The record date for the Special Meeting will not change as the result of the proposed adjournment. Shareholders of record as of the close of business on August 22, 2016 ("Shareholders") will be entitled to vote at the Special Meeting when it reconvenes on Friday, October 14, 2016.

Shareholders who have already submitted a form of proxy and do not wish to change their vote need not take any further action. The form of proxy or voting instruction form that was previously provided in respect of the Special Meeting will remain valid. Please refer to the management information circular dated August 23, 2016 (the "Circular") for more details. The Circular is available on the Company's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

To be effective, proxies must be received by Computershare Trust Company of Canada, the registrar and transfer agent of the Company, at 100 University Avenue, 8th Floor, North Tower, Toronto, Ontario, M5J 2Y1, Attention: Proxy Department, or by facsimile, at 1-866-249-7775. In order to be valid and acted upon at the adjourned Special Meeting, proxies must be received not less than 48 hours (excluding Saturdays, Sundays and statutory holidays in Calgary) before the time for holding the adjourned Special Meeting or any postponement(s) or adjournment(s) thereof.

Intention to Appeal Court Order

The Company also announces its intention to appeal to the Court of Appeal of Alberta the order of the Court of Queen's Bench of Alberta (the "Court") last week (the "Order"). The Order provides that the application of the Company to the Court for a final order in connection with the Arrangement, which was originally scheduled for September 21, 2016, is adjourned and shall not be brought to the Court for hearing until Alberta Oilsands Inc. has held a shareholders meeting to consider and vote upon the Arrangement on the terms provided in the Order, including the approval of not less than two-thirds of the votes cast by Alberta Oilsands shareholders and the granting of dissent rights to Alberta Oilsands shareholders in connection therewith. The Company will provide further updates with respect to the appeal as they materialize.

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 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 SEDAR at www.sedar.com.

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 expecting timing of the Special Meeting, the outcome of the pending appeal and any other related developments.

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 Circular.

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.

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