MEG Energy announces repayment of US$171 million debt

CALGARY, Alta., March 3, 2022 /CNW/ – MEG Energy Corp. (“MEG” or the “Company”) (TSX: MEG) announced today that it has issued a redemption notice for the balance $171 million outstanding principal balance of its 6.50% senior secured subordinated notes due 2025 (the “Secondary Notes”) at a redemption price of 101.625%, plus accrued and unpaid interest to the date reimbursement, but not included. The redemption is expected to be completed on or about April 4, 2022. Including redemption, MEG will have redeemed the entire original $750 million aggregate principal amount of the Secondary Notes.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities and does not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About MEG

MEG is an energy company focused on sustainable development on the spot production of thermal oil in the south athabasca region of Alberta, Canada. MEG is actively developing innovative enhanced oil recovery projects that use steam-assisted gravity drainage mining methods to enhance responsible economic recovery of oil as well as reducing carbon emissions. MEG transports and sells its thermal oil production to refiners North America and internationally. The common shares of MEG are listed on the Toronto Stock Exchange under the symbol “MEG”.

Forward-looking information

Certain statements contained in this press release may constitute forward-looking statements within the meaning of applicable Canadian securities laws. These statements relate to future events or the future performance of MEG. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect” or “expect”, “may”, “will”, “will”, “project “, “should”, “believes”, “dependent”, “ability”, “go”, “plan”, “intend”, “target”, “potential” and similar expressions are intended to identify forward-looking statements Forward-looking statements are often, but not always, identified by such words.These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.In particular, and without limiting the foregoing, this press release contains forward-looking statements regarding the issuance of notice to redeem the remaining balance of the Junior Notes, the timing and success of the redemption of the balance remaining Second Lien Notes Notes This information These forward-looking statements are based on certain assumptions and analyzes made by MEG in light of its experience and perception of current conditions and expected future developments as well as other factors it deems appropriate in the circumstances. However, whether actual results, performance or achievements will be consistent with MEG’s expectations and projections is subject to a number of known and unknown risks and uncertainties that could cause actual results to differ. significantly from MEG’s expectations. Further information regarding the assumptions and risks inherent in making forward-looking statements can be found in the most recent annual information form filed by MEG, as well as in MEG’s other public disclosure documents. Copies of MEG’s Annual Information Form and other public disclosure documents are available on the Company’s website at www.megenergy.com/investors and on the SEDAR website at www.sedar.com. The forward-looking information included in this press release is expressly qualified in its entirety by the foregoing cautionary statements. Unless otherwise indicated, the forward-looking information included in this press release is made as of the date of this press release, and MEG undertakes no obligation to update or revise any forward-looking information to reflect new events or circumstances, unless the law requires it. .

For more information, please contact:

Investor Relations
J 403.767.0515
E [email protected]

Media Relations
J 403.775.1131
E [email protected]

SOURCE MEG Energy Corp.

Quote Show original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2022/03/c3322.html

Tana T. Thorsen