RE:New positive ratings todayToday’s Topics MQL CN, Midstreamers, CNE CN, Gas Storage, CNE LN, SLE LN, ROC AU, ORG AU Canada Research Marquee Energy (MQL CN, C$1.24, Neutral, TP: C$1.40) 2Q results below expectations; on-track to meet exit rate, Ray Kwan, CFA § Marquee reported 2Q14 FFOPS of C$0.08 versus our C$0.10 forecast on production of 5,035boe/d, which came-in in-line with our estimates. Variance in cashflow was related to lower realized pricing and higher than expected royalties, offset by lower than expected operating costs. § Marquee’s last three wells have been on production for less than a month, but early indications indicate that these wells should meet or exceed Marquee's published type curve expectations of an IP30 of 165boe/d. Two recent wells have either been completed or expected to be tied-in. Marquee plans to drill, complete and tie-in four Banff/Detritial wells over the remainder of 2014. § Marquee expects to reach its guided 2014 exit rate of 5,600boe/d. Average production for the year is expected to be 5,000boe/d.