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.
ABN Newswire stocks to watch today include: Marion Energy Limited (ASX:MAE) (PINK:MAEJF), Iron Road Limited (ASX:IRD), Conquest Mining Limited (ASX:CQT) (PINK:CQMLF), Pan Asia Corporation Limited (ASX:PZC), Clean Global Energy Limited (ASX:CGV), Texon Petroleum Limited (ASX:TXN), and AuDAX Resources Ltd (ASX:ADX) (PINK:ADXRF).
Marion Energy Limited (ASX:MAE) (PINK:MAEJF) is pleased to report to provide an update on the successful remediation work underway at its Oman 2-20 well in Utah. The staged work is part of the Company's work program designed by Chief Operating Officer Jay Stratton, designed to bring a number of key wells back into production over the coming nine months.
Marion Energy Limited (ASX:MAE) (PINK:MAEJF) is pleased to announce that it has received commitments of A$2.8m for a placement (before costs) to a range of sophisticated and institutional investors. Participants in the Placement will also be issued with an option to subscribe for ordinary shares on the basis of 1 option for every share subscribed for in the Placement. These options will have an exercise price of 10 cents and a two year exercise period. Application will be made for all the options to be listed.
ABN Newswire stocks to watch today include: Drillsearch Energy Limited (ASX:DLS) (PINK:DRLLF), Pluton Resources Limited (ASX:PLV) and Marion Energy Limited (ASX:MAE) (PINK:MAEJF).
Marion Energy Limited (ASX:MAE) (PINK:MAEJF) is pleased to announce that it bankers, BNP Paribas Fortis and Fortis Netherlands, have approved an extension of the Company's bank credit facility to a maturity date of March 31, 2011, subject to final documentation. The credit facility currently is fully drawn to a balance of US$42 million.
The Directors of Marion Energy Limited (ASX:MAE) (PINK:MAEJF) present their Activities Report for the December 2009 Quarter.
ABN Newswire stocks to watch today include: Carpentaria Exploration Limited (ASX:CAP), Marion Energy Limited (ASX:MAE) (PINK:MAEJF), Murchison Metals Limited (ASX:MMX) (PINK:MUMTF), Bandanna Energy Limited (ASX:BND), Focus Minerals Limited (ASX:FML) and Metallica Minerals Ltd (ASX:MLM).
Marion Energy Limited (ASX:MAE) (PINK:MAEJF) is pleased to announce gas production operations have now commenced at a second Clear Creek well, the 100% owned RR 13-17 well located at Clear Creek, Utah, USA.
ABN Newswire stocks to watch today include: Universal Resources Limited (ASX:URL), Marion Energy Limited (ASX:MAE) (PINK:MAEJF) and Environmental Clean Technologies Limited (ASX:ESI).
Marion Energy Limited (ASX:MAE) (PINK:MAEJF) is pleased to advise that initial gas production and associated revenue has commenced from its 100% owned Ridge Runner ("RR") 2-20 well located at Clear Creek, Utah, USA with natural gas now being sold into the distribution system.
