SOURCE: Marquee Energy Ltd.

Marquee Energy Ltd.

November 14, 2016 18:00 ET

Marquee Energy Ltd. Announces Successful Appeal of Order of Court Decision and Provides Update Regarding Transaction With Alberta Oilsands

CALGARY, AB--(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) provides the following update regarding the proposed acquisition of Marquee by Alberta Oilsands Inc. ("AOS") (TSX VENTURE: AOS) through a plan of arrangement involving Marquee, its shareholders and AOS (the "Arrangement"), and the related 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 20, 2016 and October 11, 2016.

On November 9, 2016, the Court of Appeal of Alberta heard the Appeal by Marquee and today it advised counsel that the Appeal will be allowed with reasons to follow. As a result of this decision, AOS will not be required to hold a shareholders meeting to obtain approval of the Arrangement.

Earlier today Marquee shareholders approved the Arrangement at a special meeting of Marquee shareholders. Marquee intends to seek a final order from the Court in respect of the Arrangement as soon as reasonably practical and closing of the Arrangement is expected to occur shortly thereafter, subject to the approval of the TSX Venture Exchange and the satisfaction or waiver of certain additional customary closing conditions contained in the arrangement agreement between Marquee and AOS dated August 19, 2016.

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 receipt of regulatory approvals, the anticipated timing of seeking and receiving a final order from the Court 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 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.

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