MEG Energy Corp. Closes Equity Financing

MEG Energy Corp. (“MEG”) has successfully completed an equity financing for its oil sands development projects in the Athabasca region of Alberta.

On March 12, 2008, MEG closed an equity financing raising approximately $564 million by way of a private placement of approximately 13.8 million common shares.

MEG's agents for the equity financing were Credit Suisse Securities (USA) LLC, Lehman Brothers Inc., Morgan Stanley Canada Limited, BMO Nesbitt Burns Inc. and Scotia Capital Inc.

In addition to its in-house team of Vice President, Corporate and Legal Affairs and Corporate Secretary David Wizinsky, Senior Corporate Counsel Terra Nicolay, and Legal Administrator Cheryl Lebeuf, MEG was represented by Bennett Jones LLP in Canada and Latham & Watkins LLP in the United States. The Bennett Jones team was led by Mark Powell and included Paul Barbeau and Kwang Lim (corporate). The Latham & Watkins LLP team was led by Joshua Tinkelman.

The agents were represented by Danielle Carbone and Christopher Roehrig of Shearman & Sterling LLP.

Lawyer(s)

Terra D. Nicolay Mark S. Powell Paul Barbeau Kwang Lim