MEG Energy Acknowledges Strathcona's Intention to Revise Offer

CALGARY, AB, Sept. 8, 2025 /CNW/ - MEG Energy Corp. (TSX: MEG) ("MEG", or the "Company") is responding to the news release issued on September 8, 2025 by Strathcona Resources Ltd. ("Strathcona") announcing its intention to file a variation and extension to its offer (the "Revised Strathcona Offer") to acquire MEG.

As previously announced on August 22, 2025, MEG entered into a definitive arrangement agreement ("Arrangement Agreement") with Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) ("Cenovus") under which Cenovus will acquire all issued and outstanding MEG shares in a transaction that values MEG at $27.76 per share or $8.0 billion at Cenovus's closing share price on September 5, 2025, inclusive of assumption of MEG's debt. The transaction is to be completed by way of a plan of arrangement under the Business Corporations Act (Alberta) and is expected to close early in the fourth quarter of 2025, subject to customary approvals.

The MEG Special Committee and Board of Directors will evaluate the Revised Strathcona Offer and plan to respond on or before September 15, 2025. The MEG Board of Directors has not made any determination with respect to the Revised Strathcona Offer at this time.

BMO Capital Markets and Burnet, Duckworth & Palmer LLP are acting as financial advisor and legal counsel, respectively, to the Company. RBC Capital Markets and Norton Rose Fulbright Canada LLP are acting as financial advisor and legal counsel, respectively, to MEG's Special Committee.

For further information:

Shareholder Questions:

MEG Investor Relations, 403.767.0515, invest@megenergy.com

Sodali & Co., 1.888.999.2785 or 1.289.695.3075 for banks, brokers, and callers outside North America, assistance@investor.sodali.com

Media Questions:

MEG Media Relations, 403.775.1131, media@megenergy.com

SOURCE MEG Energy Corp.