Strathcona Resources Ltd. confirmed that it has purchased 6,664,400 common shares of MEG Energy Corp. for aggregate consideration of approximately $190.8 million, in accordance with applicable securities laws.

Immediately before the purchase of the Acquired Shares, Strathcona beneficially owned, directly or indirectly, and exercised control or direction over, 23,400,000 MEG shares, representing approximately 9.2 percent of the issued and outstanding MEG shares. Immediately after giving effect to the purchase of the acquired shares, Strathcona beneficially owns, directly or indirectly, or exercises control or direction over, 30,064,400 MEG shares, representing approximately 11.8 percent of the issued and outstanding MEG shares as of the date hereof.

Strathcona intends to vote its MEG shares (including those it currently holds and subsequently acquires) against the resolution to approve the acquisition of MEG by Cenovus Energy Inc.

Scotiabank and TD Securities are acting as exclusive financial advisors to Strathcona in connection with the Offer. Blake, Cassels & Graydon LLP and Skadden, Arps, Slate, Meagher & Flom LLP are acting as legal counsel to Strathcona in connection with the Offer. The Special Committee has engaged Torys LLP, and WEF has engaged Bennett Jones LLP, to act as their respective legal counsel in connection with the WEF III Equity Investment.