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) Draws Down US$600,000 against Conv Note Facility
17 Jun,2011 04:30 PM
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MARION INCREASES AMOUNT DRAWN AGAINST CONVERTIBLE LOAN  FACILITY WITH  LA JOLLA COVE INVESTORS, INC

Marion Energy limited (ASX:MAE, MAEO, MAEOA) advises that it has drawn down a further US$600,000 against its US$ 6 million Convertible Loan Agreement with La Jolla Cove Investors, Inc. The Company entered into this Agreement in December 2010 and the latest drawdown takes the total amount
drawn to date to US$1.1 million.

Of the amount drawn down, US$633,845 has from time to time been converted by La Jolla into a total of 36,933,322 shares pursuant to the terms of the Convertible Note Agreement. The loan balance, US$466,155, remains outstanding.