Marquee Energy Ltd. announces the closing of the previously announced non-core asset sale

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CALGARY, Oct. 23, 2018 /CNW/ - Marquee Energy Ltd. ("Marquee" or the "Company") (TSXV: "MQX") is pleased to announce that it has completed the previously announced disposition of its non-core asset for total cash consideration of $6.575 million, prior to closing adjustments (the "Transaction"). The proceeds from the sale of the assets will be used to reduce the Company's current debt and improve financial flexibility.

GMP FirstEnergy acted as a financial advisor to Marquee with respect to the Transaction.

Marquee confirms that the management information circular (the "Circular") and form of proxy with respect to the proposed plan of arrangement involving Marquee and Prairie Provident Resources Inc. have been mailed to Marquee shareholders and optionholders of record as of October 9, 2018. Marquee confirms that the Circular and the form of proxy can be accessed and viewed on the Company's profile on Sedar (www.sedar.com) or at the AST Trust Company (Canada) website (www.meetingdocuments.com/ASTca/mqx).

The Company's Annual and Special Meeting of Shareholders and Special Meeting of Optionholders is scheduled for 10:00 AM on Monday November 19, 2018 at DLA Piper's Calgary office, located at 1000, 250 2nd St SW.

ABOUT MARQUEE

Marquee Energy Ltd. is a Calgary based, junior energy company focused on high rate of return light oil development and production. The Company's shares are traded on the TSX Venture Exchange under the trading symbol "MQX". 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.

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. Forward-looking statements or information in this news release may include, but are not limited to: the anticipated use of proceeds from the Transaction and benefits therefrom.

Such forward-looking statements or information are based on a number of assumptions all or any of which may prove to be incorrect. In addition to any other assumptions identified in this document, assumptions have been made regarding, among other things, the expected benefits and results of the Transaction.

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 the Company and described in the forward-looking information. Material risk factors affecting the Company 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 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 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.

SOURCE Marquee Energy Ltd.

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