Marquee Petroleum Provides Update on Proposed Business Combination and Appointment of Director

    




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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) [e-mail]     [e-mail] visit the Company's website at www.marqueepl.com. 


    

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