Surmont

MEG has a 100% working interest in 19 sections of oil sands leases located in the Surmont area of northern Alberta, roughly 50 km north of MEG’s Christina Lake Regional Project. These sections contain remaining recoverable resource of approximately 554 million barrels as estimated by independent reserve engineers as at September 30, 2007. The Company believes these lands are sufficiently delineated to define a project of 50,000 bpd. MEG plans to submit a regulatory application for this project in late 2008 and plans to commence steaming the reservoir early in 2013.