TORONTO, Nov. 29, 2016 /CNW/ - Smoothwater Capital Corporation ("Smoothwater"), Alberta Oilsands Inc. ("AOS") (TSXV:AOS) and Marquee Energy Ltd. ("Marquee") (TSXV:MQL) announced today a settlement that would cease the protracted litigation and appeals between them related to the proposed merger of AOS and Marquee to create "New Marquee", and to avoid a costly proxy and legal fight related to the upcoming AOS annual meeting scheduled for December 28, 2016. "We are pleased to have been able to resolve this and to avoid further lengthy appeals and additional legal actions. The recent decision of the Alberta Court of Appeal greatly reduced the likelihood of Smoothwater being able to ensure that AOS shareholders have a say on the merger, certainly without many more months of legal actions. We believe that the time has come to constructively move forward together with Marquee, rather than continuing the fight in the courts with uncertain results for both sides and very high legal costs," said Stephen Griggs, CEO of Smoothwater. Smoothwater is the largest shareholder of AOS owning approximately 17.1% of the issued and outstanding shares of AOS. Following the merger, Smoothwater is expected to be the second largest shareholder of New Marquee, holding approximately 8.7%. "The legal and media battle has come to an end. We will continue to focus on the rights of all AOS shareholders - including those who come from the Marquee side. I am looking forward to working together with my fellow directors of New Marquee in building a successful, well capitalized company," concluded Griggs.