Marquee Energy Ltd. Announces Results of Special Meeting and Provides Update Regarding Appeal of Court Decision

CALGARY, ALBERTA--(Marketwired - November 14, 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, at the special meeting (the "Special Meeting") of Marquee's shareholders ("Marquee Shareholders") held today, the Marquee Shareholders passed a special resolution (the "Arrangement Resolution") approving the plan of arrangement involving Marquee, Alberta Oilsands Inc. (TSX VENTURE: AOS) ("AOS") and Marquee shareholders (the "Arrangement") under Section 193 of the Business Corporations Act (Alberta). The Arrangement Resolution received support from approximately 98% of the votes cast at the Special Meeting.

On November 9, 2016, the Court of Appeal of Alberta heard the appeal (the "Appeal") by Marquee of the order (the "Order") of the Court of Queen's Bench of Alberta (the "Court"), as previously disclosed in Marquee's news releases of September 21, 2016 and October 11, 2016. The Order provides that the application of Marquee to the Court for a final order in connection with the Arrangement shall not be brought to the Court for hearing until AOS 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 AOS shareholders and the granting of dissent rights to AOS shareholders in connection therewith.

Marquee will provide further updates with respect to the Appeal and the Arrangement following receipt of the decision of the Court of Appeal of Alberta.

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 expectations regarding whether the Arrangement and the Amalgamation will be consummated, including whether conditions to the consummation of the Arrangement will be satisfied, the timing for completing the Arrangement and the Arrangement, the outcome of the pending Appeal and any developments related to the Appeal and 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 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.