Marion Energy (MAE)

Shares / Stock Code

MAE

Stock Exchange / Sharemarket

ax

Marion Energy (MAE) is an oil and gas explorer and developer operating in the onshore USA. Marion’s operations involve investment in oil and gas projects and the exploration and appraisal of new oil and gas reserves in Texas, Utah and Oklahoma in the USA. MAE listed on the ASX on 3rd July, 1986.

The key projects of the Company consist of the Jester-Bloomington project and the Willow project in Oklahoma; and the Helper project, the Roan Cliffs project and the Clear Creek project in Utah. The Clear Creek Unit covers around 17,090 acres and it is situated in Carbon and Emery counties. The production from the Clear Creek Unit totals to 137 billion cubic feet (Bcf) of natural gas from conventional reservoirs. The Helper Project is situated within a gas producing area. It produced around 55 Bcf of gas as of June 30, 2008. Marion holds interest in a gross acreage of 33,800 acres in Jester Bloomington Project and Willows Project. During fiscal 2008, MAE sold all its ownership interest held in the Jefferson-McLeod oil and gas project in Texas.

MAE focuses on a low risk strategy of continuing gas reserves and associated production operations in the Rocky Mountains and Mid-Continent regions. Marion enjoys favourable industry fundamentals backed by high prices of natural gas, advances in drilling and easily accessible infrastructure which has enabled MAE to continue a range of attractive projects in Utah and Oklahoma. Marion owns an inventory portfolio of two to three years of drilling opportunities. This provides its investors with an exposure to a significant reserve upside.

Marion Energy History

The company made its debut on the Australian Stock Exchange in July 1986 and it is headquartered in Hawthorn, Victoria. The company was renamed from Carpenter Pacific Resources Limited (CPC) to Marion Energy Limited (MAE) in December 2005.