Marquee Energy Ltd. Announces Operations Update and 2013 Guidance

CALGARY, Feb. 13, 2013 /CNW/ – Marquee Energy Ltd. (“Marquee” or the
“Company”) (TSXV: MQL) is pleased to provide an update on recent
operational results and 2013 Guidance. The activities contemplated by
the Company’s $26 million 2013 capital program are anticipated to be
capable of generating 25% production growth while continuing to
increase the Company’s oil and liquids weighting.

Results for all three wells from the Company’s fourth quarter horizontal
drilling program at Michichi have exceeded the Company’s expectations
for the area. These results, along with ownership in facilities and
infrastructure at Michichi have enhanced the already strong economics
of Marquee’s Detrital and Banff oil plays.

Michichi

Marquee continues to be the most active driller on this emerging light
oil play. Since July of 2011, Marquee has drilled 10 out of the more
than 30 horizontal wells licensed by industry in the Michichi area.
Marquee spud three horizontal wells at Michichi during the fourth
quarter of 2012. As previously announced on January 17, 2013 the first
well averaged more than 200 boe/d over an initial five day test period
and achieved an IP30 of 141 boe/d (90% oil and liquids). Testing of the
second and third wells was limited as they were drilled off an existing
multiwall pad site. Over initial test periods, the second well tested
greater than 200 boe/d (one day test) and the third well tested 173
boe/d (three day test).  Both of these horizontal wells are expected to
be on production within the next week.  To date, the company has
achieved a 100% success rate on its first 10 wells drilled in the
Michichi area, which the company believes further validates the
repeatability of the high rate of return oil plays at Michichi.

Marquee’s wholly owned gas plant, acquired in October 2012, has been
expanded and upgraded to recover associated natural gas liquids.  The
plant became operational on February 1, 2013 and is now capable of
processing more than 8 mmcf/d. Over 50% of Marquee’s current Michichi
production is now tied into Company owned infrastructure, which is
expected to reduce gas processing costs on this production by as much
as 30%. The Company has also reduced on-stream times by approximately
50% to an average of 45 days on the three most recent horizontal wells.

Lloydminster

Marquee achieved record monthly production of approximately 650bbl/d
from its Lloydminster property in December 2012. The Company will also
begin shipping oil by rail from Lloydminster in February, which is
expected to improve netbacks on the railed production by more than
$5/bbl.

Hedging

Marquee has hedged more than half of its current oil production for 2013
at an average price of C$91.75 WTI and more than a third of its current
gas production at C$3.40 AECO. The Company will continue to monitor
hedging opportunities on a go forward basis.

     __________________________________________________________
    |Commodity  |Term         |Contract|Volume    |Price |Index|
    |___________|_____________|________|__________|______|_____|
    |           |             |        |          |      |     |
    |___________|_____________|________|__________|______|_____|
    |Oil        |Calendar 2013|Swap    |500 BBL/d |$91.03|C$WTI|
    |___________|_____________|________|__________|______|_____|
    |Oil        |Calendar 2013|Swap    |200 BBL/d |$93.58|C$WTI|
    |___________|_____________|________|__________|______|_____|
    |Natural Gas|Calendar 2013|Swap    |1,800 GJ/d|$3.40 |AECO |
    |___________|_____________|________|__________|______|_____|

Capital Budget and Guidance

The Board of Directors of Marquee has approved a $26 million capital
budget for 2013 focusing on the continued development and delineation
of the Company’s oil plays at Michichi and Lloydminster. The majority
of this capital program will be financed by cash flow from operations,
with the remaining from expected proceeds from non-core dispositions.
The capital program is based on average prices of C$90 WTI and C$59 WCS
for oil and C$3.25 AECO for natural gas during 2013. This budget is
expected to allow Marquee to generate growth on an absolute and per
share basis. Highlights include:

        --  Approximately $22 million or 80% of the capital budget is
            allocated to the Michichi area. The Company will drill 7
            horizontal wells with the remaining capital initially directed
            towards strategic acquisition opportunities and infrastructure.
        --  $2 million or 7% of the capital program will be allocated to
            Lloydminster where the company will drill a minimum of three
            wells in 2013 and continue to identify new areas of growth.
        --  The remainder of the 2013 Capital Budget will be directed to
            strategic land acquisitions.
        --  2013 estimated average production rate of 2,400 boe/d (64% oil
            and liquids)
        --  2013 estimated exit production rate of 2,700 boe/d (65% oil and
            liquids) representing a 25% increase over the Company's average
            sales of 2,150 boe/d in December 2012.

The Company is beginning to realize improvements in capital cost
efficiency and productivity with refinement of drilling and operations
at Michichi initiated in late third quarter of 2012.

Strategy

Marquee continues to develop its extensive light oil focused asset base
in the greater Michichi area of Eastern Alberta. Ongoing drilling
success and improved operational efficiencies represent a continuation
of Marquee’s growth strategy of defining, delineating and developing a
predictable light oil asset base capable of delivering efficient
production and cash flow growth.  The Company remains committed to
efficiently capitalizing its core oil assets in eastern Alberta while
continuing to improve its financial flexibility.

Marquee also wishes to announce that Richard Thompson, President & CEO,
will be presenting at the National Bank Financial Management
Intermediate Energy Growth & Yield Conference on Thursday, February 14,
2013 in Toronto, Ontario.

The Company has updated its corporate presentation in advance of this
event, and a copy is now available at www.marquee-energy.com.

The Company will announce its 2012 year-end reserves evaluation
(NI-51-101 compliant) in early March 2013 and is currently scheduled to
release its 2012 year-end financial results after close of market on
March 21, 2013.

Additional Information about Marquee Energy Ltd.

Marquee Energy Ltd. is a publicly traded Calgary-based growth oriented
junior oil and gas company currently focused on high rate of return,
oil and liquids rich gas production in Southern Alberta.  Further
information about Marquee Energy Ltd. may be found in its continuous
disclosure documents filed with Canadian securities regulators at www.sedar.com.

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 INFORMATION

Certain information regarding the Company set forth in this press
release contains forward-looking statements that involve substantial
known and unknown risks and uncertainties. The use of any of the words
“plan”, “expect”, “forecast”, “project”, “intend”, “believe”,
“anticipate”, “estimate” or other similar words, or statements that
certain events or conditions “may” or “will” occur are intended to
identify forward-looking statements. Such statements represent
Marquee’s internal projections, estimates or beliefs concerning, among
other things, future growth, results of operations, production, future
capital and other expenditures (including the amount, nature and
sources of funding thereof), competitive advantages, plans for and
results of drilling activity, environmental matters, business prospects
and opportunities. These statements are only predictions and actual
events or results may differ materially. Although Management believes
that the expectations reflected in the forward-looking statements are
reasonable, it cannot guarantee future results, levels of activity,
performance or achievement since such expectations are inherently
subject to significant business, economic, competitive, political and
social uncertainties and contingencies. Many factors could cause the
Company’s actual results to differ materially from those expressed or
implied in any forward-looking statements made by, or on behalf of,
Marquee.

In particular, forward-looking statements included in this release
include, but are not limited to, the Company’s 2013 capital program,
completion of planned drilling activities and the results therefrom,
the impact of the drilling and exploration activities on the Company’s
operations, infrastructure, inventory and opportunities; financial and
business prospects and financial outlook; results of operations,
production, future costs, reserves and production estimates; drilling
plans; activities to be undertaken in various areas, timing of
drilling, completion and tie in of wells; access to infrastructure;
timing of development of undeveloped reserves; planned capital
expenditures, the timing thereof and the method of funding; financial
condition, access to capital and overall strategy; the performance
characteristics of the Company’s crude oil properties; and the
Company’s oil and natural gas production levels and production levels
associated with the Assets.

Additional Advisories

Boes are presented on the basis of one boe for six Mcf of natural gas. 
Disclosure provided herein in respect of boes may be misleading,
particularly if used in isolation.  A boe conversion ratio of 6 Mcf:1
bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency
at the wellhead.

SOURCE Marquee Energy Ltd.