Marquee Energy Ltd. Provides Update Regarding Transaction With Alberta Oilsands and Appeal of Court Decision

Marquee Energy Ltd. provides the following update regarding the proposed acquisition of Marquee by Alberta Oilsands Inc. ("AOS") through a plan of arrangement involving Marquee, its shareholders and AOS, and the related appeal (the "Appeal") by Marquee of the order (the "Order") of the Court of Queen's Bench of Alberta (the "Court") as previously disclosed in Marquee's news release of September 21, 2016.

Status of Appeal

The Court of Appeal of Alberta has scheduled the Appeal hearing for November 9, 2016. In connection with the Appeal, on October 7, 2016, Marquee filed with the Court of Appeal its arguments in support of the Appeal.

The Order of the lower Court provided that the application of the Company to the Court for a final order in connection with the Company's plan of arrangement involving AOS could not be brought before the Court for hearing until AOS has held a shareholders meeting to consider and vote upon the Arrangement on the terms provided in the Order, including the approval of not less than two-thirds of the votes cast by AOS shareholders and the granting of dissent rights to AOS shareholders in connection therewith.

Marquee is of the view that the Order constitutes a significant departure from established law concerning plans of arrangement in Canada. The Company reiterates that the proposed transaction with AOS is in, both in form and substance, legally consistent with countless prior transactions of a like nature. As a result, the Company is confident that these legal principles will be re-affirmed through a successful appeal. The Company will provide further updates with respect to the Appeal as they materialize.