Marion Energy Limited is following a low risk strategy of pursuing gas reserves and associated production in the Rocky Mountains and Mid-Continent regions. The Company’s activities are generally within the geographic confines of or adjacent to known production and within easy access of existing pipeline infrastructure. We have been able to accumulate an enviable lease position where the company is undertaking a highly successful development drilling program.

Favorable long-term industry fundamentals and advances in drilling, completion, and fracture stimulation techniques have allowed the Company to pursue several attractive projects in Utah and Oklahoma. Based on a recent independent report by MHA Petroleum Consultants, Inc., Marion has 243 BCF in proven, probable and possible reserves. The Company currently has a substantial inventory of drilling opportunities - over 240 driling locations identified in the Clear Creek and Helper fields and over 300 additional prospective locations - which gives our investors exposure to significant reserve upside. Complementing this Marion controls field operations associated with large acreage and working interest positions.

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Marion Energy Limited (ASX: MAE) Update - Strategic Re-Evaluation of Clear Creek Project
26 Jul 2011 12:30 PM

Marion Energy Limited (ASX: MAE, MAEO, MAEOA) provides the following update with regard to the strategic re-evaluation of its ownership of its Clear Creek, Utah project.

On June 15, 2011 the Company announced that it was evaluating alternatives to accelerate the development of its Clear Creek project. It advised that it would be seeking to form a joint venture with one or more partners to develop the project and that this may include re-arrangement of operatorship of the project with a new partner assuming operatorship of the project.

The Company advises that it has commenced discussions with two parties who are now in the early stages of undertaking due diligence on the project.

The Company stresses that negotiations are at an early stage and therefore it cannot give any indication at this stage of the likelihood of success of these negotiations or that any transaction will be successfully completed.

The Company has a 100% working interest in the Clear Creek project.

Further updates will be provided as negotiations progress.

Contact Information

Phone: +61 3 8862 6466
Suite 3, Pacific Tower, 737 Burwood Road, HAWTHORN, NSW, AUSTRALIA, 3122