MEG Provides Additional Information Related to the Improved Cenovus Transaction

About this update from Strathcona Resources Ltd.

MEG Provides Additional Information Related to the Improved Cenovus Transaction /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } .prngen2{ PADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt } .prngen4{ TEXT-ALIGN: JUSTIFY; MARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.67em !IMPORTANT } .prntaj{ TEXT-ALIGN: JUSTIFY } .prnbcc{ BORDER-COLLAPSE: COLLAPSE } Canada NewsWire All amounts in Canadian dollars unless specified. CALGARY, AB, Oct. 31, 2025 /CNW/ - MEG Energy Corp. (TSX: MEG) ("MEG", or the "Company") is providing additional disclosure regarding the previously announced asset transaction between Strathcona Resources Ltd. (TSX: SCR) ("Strathcona") and Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) ("Cenovus"), as initially disclosed in its press release of October 27, 2025. As previously announced, MEG entered into a second amending agreement (the "Second Amending Agreement") with Cenovus to amend the arrangement agreement between MEG and Cenovus dated August 21, 2025, as amended on October 7, 2025 (the "First Amending Agreement"), to increase the consideration payable to holders ("MEG Shareholders") of common shares of MEG ("MEG Shares") to $30.00 per MEG Share (the "Improved Consideration"), based on Cenovus's closing share price on October 24, 2025. Concurrent with the execution of the Second Amending Agreement, Cenovus entered into an agreement with Strathcona (the "SCR Support Agreement") pursuant to which Strathcona, holding 36.1 million MEG Shares representing 14.2% of the outstanding MEG Shares, agreed to vote all of such MEG Shares for the acquisition of MEG by Cenovus (the "Cenovus Transaction"). Concurrent with and as a condition of entering into the SCR Support Agreement, Cenovus entered into an agreement (the "Divestiture Agreement") with Strathcona to sell certain assets, including the Vawn thermal heavy oil asset in Saskatchewan and certain undeveloped lands in western Saskatchewan and Alberta (collectively, the "Divested Assets"), for aggregate consideration of $150 million (the "CVE Divestiture"). This press release pr...

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