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MAE Share Placement Completed

Equity Capital Raising: $3.4 Million Share Placement Successfully Completed Placement completed of 170 million shares at 2 cents each to sophisticated investors with 1 free option to be granted for every 2.5 shares applied for: exercise price 2.5 cents, term of option two years. Placement to be subject to shareholder approval with Shareholder Meeting to be called in near term Placement completed The Board of Marion Energy Limited (MAE) advises that it has received commitments for approximately $3.4 million for a placement (before costs) to a range of sophisticated investors. Participants in the placement will be issued with a free option to subscribe for ordinary shares on the basis of 1 option for every 2.5 shares subscribed for in the placement. These options will have an exercise price of 2.5 cents and a two year exercise period. Application will be made for all the options to be issued to be listed. The funds raised will be used for working capital and to support the Company’s operational program. The share and option issue will be subject to shareholder approval and a meeting of shareholders for this purpose will be called in the near future. The placement is the first step in the process (as announced on 23 July 2010) to be undertaken to recapitalise the company for both the short and medium terms. The Placement was arranged by Alpha Securities Limited. Bank Credit Facility – Update The Company is actively engaged in discussions with its bankers, ABN Amro (through its subsidiary PF Energy Investments B.V.) with a view to achieving a significant restructuring of the current credit facilities. Successful achievement of this will strengthen the Company’s liquidity position and balance sheet. It will also provide clarity with regard to determining the level of new Equity Capital that may be required for the medium term. Further details will be announced as they become more complete.