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.

Contact Information

Phone: +61 3 8862 6466
Email:
peter@marionenergy.com.au
Website:
www.marionenergy.com.au
Address
Suite 3, Pacific Tower, 737 Burwood Road, HAWTHORN, NSW, AUSTRALIA, 3122

Media Releases see all media releases

Marion Energy Limited (ASX:MAE) Company To Consider Possible Sale Of Oklahoma Assets
27 Jul,2011 03:05 PM
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OKLAHOMA GAS ASSETS: COMPANY TO CONSIDER POSSIBLE SALE OF ASSETS IN RESPONSE TO  UNSOLICITED APPROACHES FROM INTERESTED PARTIES

Marion Energy Limited (ASX: MAE, MAEO, MAEOA) advises that it has received several unsolicited approaches from interested parties regarding the possible sale of all or part of the Company's Oklahoma gas assets. The Company has commenced negotiations with these parties which in turn are expected to commence due diligence in the near future.

The Company stresses that these negotiations are at a very 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.

Further updates will be provided as negotiations progress.