CALGARY, AB, April 11, 2025 – MEG Energy Corp. (TSX: MEG) (“MEG” or the “Corporation“) has announced its approval of an adjustment to its Restricted Share Unit Plan (the “Plan“). The adjustment will decrease the total number of common shares that can be issued under the Plan to a capped 4% of the company’s outstanding common shares (the “Amendment“). This Amendment was made to ensure the aggregate shareholder value transfer (“SVT“) under the Plan remains within the SVT benchmark recently suggested by Institutional Shareholder Services (“ISS“). Shareholders will vote on the Amendment during MEG’s annual meeting, scheduled for May 6, 2025, at 1:00 pm MDT.

As detailed in the “Compensation Discussion and Analysis” section of the information circular dated March 17, 2025, MEG’s Human Resources and Compensation Committee is dedicated to providing a compensation program that promotes a performance-based culture, aligning with the interests of its shareholders.

MEG believes that the Plan, as modified, aligns with ISS guidelines and encourages shareholders to vote in favor of the resolution to approve the Plan amendment.

About MEG

MEG is an energy firm specializing in in situ thermal oil production within the southern Athabasca oil region of Alberta, Canada. The company actively advances enhanced oil recovery projects, employing steam-assisted gravity drainage extraction techniques to improve the economic viability of oil recovery. MEG is involved in the transportation and sale of thermal oil (AWB) to customers across North America and on an international scale. MEG is part of the Pathways Alliance, a coalition of Canada’s largest oil sands producers. MEG’s common shares are traded on the Toronto Stock Exchange under the ticker symbol “MEG” (TSX: MEG).

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Investor Relations
T 403.775.1131
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Media Relations
T 403.767.0515
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SOURCE MEG Energy Corp.

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