MEG Energy announces intention to seek commitments to expand and extend credit facility

CALGARY, ALBERTA (March 15, 2012) – MEG Energy Corp. (“MEG”) today announced that it is seeking commitments to expand its senior secured revolving credit facility from US$500 million to US$1 billion.  In addition, MEG intends to extend the maturity of its revolving credit facility by one year to 2017, as well as reduce the associated fees and interest rates. MEG believes that current market conditions offer an attractive opportunity to expand its revolving credit facility, providing greater financial flexibility in a cost-effective manner. The transaction is expected to be completed through an amendment of its existing credit agreement.

MEG has appointed Barclays Capital and BMO Capital Markets as Joint Lead Arrangers and Joint Bookrunners for the amendment.

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

MEG Energy Corp. is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. MEG is actively developing enhanced oil recovery projects that utilize SAGD extraction methods. MEG's common shares are listed on the Toronto Stock Exchange under the symbol "MEG."

Forward Looking Information

This news release may contain forward-looking information including but not limited to the prospect of expanding, extending, or otherwise amending MEG's current credit facilities and the relative attractiveness of current market conditions. Such forward-looking information is based on certain assumptions and analysis made by MEG in light of its experience and perception of current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results, performance or achievements will conform to MEG's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from MEG's expectations.