MEG Energy Closes Public Bought Deal Common Share Financing and Private Placement Common Share Financing

MEG Energy Corp. (“MEG”) closed a bought deal financing (the “Public Offering”) and concurrent private placement (the “Private Placement”) of common shares. A total of 12,125,000 common shares were issued pursuant to the Public Offering and 12,121,212 common shares were issued pursuant to the Private Placement to Caisse de dépôt et placement du Québec, at a price of $33.00 per share, for aggregate gross proceeds of approximately $800 million.

MEG is focused on sustainable in situ oil sands development and production in the southern Athabasca region of Alberta. MEG is actively developing enhanced oil recovery projects that utilize SAGD extraction methods. MEG's common shares are listed on the TSX under the symbol “MEG.”

The Public Offering was completed through a syndicate of underwriters co-led by BMO Capital Markets, Credit Suisse Securities (Canada), Inc., Barclays Capital Canada Inc. and RBC Capital Markets and included CIBC World Markets, HSBC Securities (Canada) Inc. and Morgan Stanley Canada Limited. BMO Capital Markets and Credit Suisse Securities (Canada) Inc. acted as joint agents to MEG on the Private Placement.

MEG was represented internally by its legal department with a team that included Ted Semadeni, Shannon Glover and David Mercier. MEG was also represented by Bennett Jones LLP with a team that included Brent Kraus, Mark Powell, Harinder Basra, Juliamai Giffen, Tommy Wong and John Lawless (corporate and securities) and Anu Nijhawan (tax); and in the United States by Paul, Weiss, Rifkind, Wharton & Garrison LLP with a team that included Andrew Foley, Tim Phillips and Ian Hazlett (corporate and securities) and David Mayo and Ayalon Eliach (tax).

The underwriters were represented by Blake, Cassels & Graydon LLP with a team that included Chad Schneider, Pat Finnerty, Olga Kary and Whit McCaskill (corporate and securities); and in the United States by Simpson Thacher & Bartlett LLP with a team that included Ken Wallach, Ryan Bekkerus, Karen Wang and Jonathan Stradling (corporate and securities).

Caisse de dépôt et placement du Québec was represented internally by Sophie Lussier and was also represented by Jean-Pierre Chamberland, Brian Mainwaring and Chelsea Bushfield at Fasken Martineau DuMoulin LLP.