Marquee Petroleum Provides Update on Proposed Business Combination and Appointment of Director
November 07 2011 - 8:14PM
PR Newswire (Canada)
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CALGARY, Nov. 9, 2011 /CNW/ - Marquee Petroleum Ltd. ("Marquee" or
the "Company") is pleased to provide an update to its news release
of October 11, 2011 (the "Initial Announcement") announcing the
proposed combination of the businesses of Marquee and SkyWest
Energy Corp. ("SkyWest") (the "Arrangement"). Further to the
Initial Announcement, the special meeting of Marquee
securityholders to consider the Arrangement and certain related
matters will be held in the Strand Tivoli Room of the Metropolitan
Centre, 333 - 4th Avenue SW, Calgary, Alberta at 8:30 a.m. (Calgary
time) on December 5, 2011. The notice of meeting and management
information circular, which contains a detailed description of the
Arrangement, was mailed on November 7, 2011 to securityholders of
record on October 31, 2011 and is available for review at
www.sedar.com. Please refer to the Initial Announcement for further
information regarding the terms and conditions of the Arrangement
and the pro forma entity's business and management team. Marquee is
also pleased to announce the appointment of Glenn Carley to the
board of directors of Marquee. Mr. Carley has been involved
in the oil and natural gas business for the past 33 years. He
was a co-founder of Galleon Energy Inc. (now Guide Exploration
Ltd.) and currently serves on their board of directors. He is
a Director of Painted Pony Petroleum Ltd and previously co-founder,
Chairman and Chief Executive Officer of Magin Energy Inc. and
Chairman of Culane Energy Corp. Mr. Carley will also join the board
of the combined company following the completion of the
Arrangement. Dundee Securities Ltd. is acting as the exclusive
financial advisor to Marquee on the proposed Arrangement, while
National Bank Financial Inc. is acting as an advisor to Marquee on
the proposed Arrangement. About Marquee Marquee is a Calgary-based
emerging junior oil and gas company currently focused on high
netback oil production in southern and east central Alberta.
Forward Looking Information Certain information included in this
press release constitutes forward-looking information under
applicable securities legislation. Such forward-looking information
is provided for the purpose of providing information about
management's current expectations and plans relating to the future.
Readers are cautioned that reliance on such information may not be
appropriate for other purposes, such as making investment
decisions. Forward-looking information typically contains
statements with words such as "anticipate", "believe", "expect",
"plan", "intend", "estimate", "propose", "project" or similar words
suggesting future outcomes or statements regarding an outlook.
Forward-looking information in this press release may include, but
is not limited to, information with respect to: the timing of the
completion and mailing of the information circular and the timing
and location of the meeting of the securityholders of
Marquee; completion of the Arrangement and the anticipated
benefits resulting from the Arrangement. Forward-looking
information is based on a number of factors and assumptions which
have been used to develop such information but which may prove to
be incorrect. Although Marquee believes that the expectations
reflected in such forward-looking information is reasonable, undue
reliance should not be placed on forward-looking information
because Marquee cannot give assurance that such expectations will
prove to be correct. In addition to other factors and
assumptions which may be identified in this press release,
assumptions have been made regarding and are implicit in, among
other things: the ability of Marquee and SkyWest to complete the
Arrangement referred to in this press release and, once completed,
to realize the anticipated benefits of such business combination
and other transactions; the timely receipt of any required
regulatory approvals (including Court and shareholder
approvals). Readers are cautioned that the foregoing list is
not exhaustive of all factors and assumptions which have been used.
Forward-looking information is based on current expectations,
estimates and projections that involve a number of risks and
uncertainties which could cause actual results to differ materially
from those anticipated by Marquee and described in the
forward-looking information. The material risk factors
affecting Marquee and its business are contained in Marquee's
Annual Information Form which is available under Marquee's issuer
profile on SEDAR at www.sedar.com. The forward-looking information
contained in this press release is made as of the date hereof and
neither Marquee or SkyWest undertake any 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 press release is expressly qualified
by this cautionary statement. 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. Marquee Petroleum Ltd.
CONTACT: Marquee Petroleum Ltd.Richard Thompson Roy Evans,
C.A.President & CEO Vice President, Finance & CFO(403)
384-0000 (403) 384-0000richardt@marqueepl.com roye@marqueepl.comor
visit the Company's website at www.marqueepl.com.
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