Strathcona Resources Ltd. Confirms Acquisition of Additional Common Shares of MEG Energy Corp.

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Strathcona Resources Ltd. Confirms Acquisition of Additional Common Shares of MEG Energy Corp. /* 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; } Canada NewsWire CALGARY, AB , Sept. 4, 2025 /CNW Telbec/ - Strathcona Resources Ltd. (" Strathcona ") confirmed that it has purchased 6,035,600 common shares (" MEG Shares ") of MEG Energy Corp. (" MEG ") today for aggregate consideration of approximately $172.7 million , in accordance with applicable securities laws. The average price paid for all MEG Shares purchased by Strathcona since the commencement of the Offer (as defined below) in accordance with applicable securities laws is $28.63 per MEG Share. The highest price paid for the MEG Shares purchased by Strathcona today (the " Acquired Shares ") was $28.78 per MEG Share.Including the Acquired Shares, Strathcona has acquired an aggregate of 12,700,000 MEG Shares since the commencement of the Offer. Immediately before the purchase of the Acquired Shares, Strathcona beneficially owned, directly or indirectly, and exercised control or direction over, 30,064,400 MEG Shares, representing approximately 11.8% 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, 36,100,000 MEG Shares, representing approximately 14.2% 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. (the " Cenovus Transaction "), which requires approval by at least 66 2/3% of the votes cast by MEG shareholders present in person or represented by proxy at the special meeting of MEG shareholders currently scheduled to be held on October 9, 2025 . On May 30, 2025 , Strathcona commenced an offer to acquire all of the issued and outstanding MEG Shares not already owned by Strathcona or its affiliates for 0.62 of a common share of Strathcona and $4.10 in cash per MEG Share (as may be amended from time to time in accordance with the terms th...

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