Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/marquee-energy-declares-strategic-asset-dispositio.shtmlMarquee Energy declares strategic asset disposition
Marquee Energy Ltd. has taken a significant step to improve its financial flexibility by entering
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Marquee Energy Ltd. has taken a significant step to improve its financial flexibility by entering into a purchase and sale agreement (the "Agreement") pursuant to which the Company has agreed to dispose of oil and gas assets in Willesden Green (the "Assets") for cash consideration of $21 million, subject to closing adjustments (the "Transaction").
With a strengthened balance sheet, freed up capital and the recently acquired infrastructure, management believes that the Company is now in a position to both accelerate its drilling program at Michichi beginning in December, 2012 and pursue other strategic opportunities.
In the short term, the gross proceeds from the Transaction will be used to reduce the Company's current debt. Marquee's pro-forma estimated net debt position, as at closing and after accounting for the net proceeds of the Transaction, is estimated at $30.7 million.
