Shareholders Advised to Take No Action

CALGARY, AB, May 16, 2025 /CNW/ - MEG Energy Corp. ("MEG" or the "Corporation") (TSX: MEG) acknowledges the announcement by Strathcona Resources Ltd. ("Strathcona") that Strathcona intends to make an unsolicited offer to acquire all of the issued and outstanding common shares of MEG not already owned by Strathcona or its affiliates.

The MEG Board of Directors (the "Board") will consider and evaluate the Strathcona offer and related take-over bid circular, if and when received.

No formal offer has been made by Strathcona and MEG shareholders are advised to take no action with respect to any Strathcona offer until the Board has had an opportunity to fully review the offer, if and when received, and to make a recommendation as to its merits. Shareholders will be notified of any recommendation of the Board through a news release and circular in accordance with applicable securities laws.

MEG has engaged BMO Capital Markets as its financial advisor and Burnet, Duckworth & Palmer LLP as its legal advisor.

About MEG

MEG is the leading pure-play in situ thermal oil producer in Canada. Our purpose is to meet the growing demand for energy, produced safely and reliably, while generating long-term value for all our stakeholders. MEG produces, transports and sells our oil (AWB) to customers throughout North America and internationally. Our common shares are listed on the Toronto Stock Exchange under the symbol "MEG" (TSX: MEG).

Learn more at www.megenergy.com .

For further information, please contact:

Jim Campbell
Vice President, Communications and External Relations
T 403.775.1117
E jim.campbell@megenergy.com

SOURCE MEG Energy Corp.