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History

From humble beginnings and an entrepreneurial spirit, MEG has developed into a world-class oil sands producer and technological leader. Follow the timeline to learn about the pivotal points in our history


History 1999.jpg1999

MEG is started with the purchase of nine sections in the relatively unknown Christina Lake region. The sections were purchased with personal savings by founders Bill McCaffrey, Steve Turner and Dave Wizinsky.

 


meg-history-2003.jpg2003
An important year in MEG’s history, the Company secured its first substantial institutional investor and initiated significant resource characterization work at Christina Lake, with core hole drilling and seismic data.


Phase1 Construction.jpg2005
Regulatory approval for Phase 2 is received, and construction gets underway at Christina Lake. MEG enters into a joint venture to construct and operate the Access Pipeline. Regulatory approvals are secured by the end of the year.


meg-history-2007.jpg2007
Access Pipeline begins operations, and MEG commences construction on Christina Lake Phase 2.


wellpad shot.jpg2008
Production commences at Christina Lake Phase 1.


meg-history-2008.jpg2009
Steaming of the initial well pairs commences at Christina Lake Phase 2. Combined total design capacity of 25,000 barrels per day is reached for Phase 1 and 2 within just 10 months, a record-setting pace for industry. By year-end, MEG also starts its cogeneration facility.


investors.jpg2010
MEG completes its Initial Public Offering (IPO).


Christina Lake facility.jpg2012
MEG receives regulatory approval for production up to 210,000 barrels per day at Christina Lake. A combined $800 million public and private placement equity offering is successfully completed, supporting MEG's ongoing growth plans. Annual average production of 28,800 barrels per day is achieved.


MEG Energy Christina Lake Aerial w. Phase2B.jpg2013
Production commences at Christina Lake 2B in the fourth quarter of the year.

 


History page.jpg2014
Christina Lake Phase 2B reaches design capacity in the fourth quarter, supporting annual average production over 71,000 barrels per day, an increase of 102% over 2013 production volumes. MEG commences shipping on the Flanagan South Seaway pipeline system as it comes onstream in late 2014, accessing world pricing at the Gulf Coast market.


Stampede 2014.JPG2016
MEG achieves record annual production of over 81,000 barrels per day, while delivering record-low per barrel net operating costs and per barrel non-energy operating costs for the full year.


20172017
MEG commences expansion of its proven eMSAGP technology on Phase 2B wells. Ongoing technological developments enable the Company to meaningfully reduce its steam-oil ratio, reducing capital requirements for steam and water handling and decreasing operating costs. MEG also completes a comprehensive refinancing, strengthening its financial position and providing funding for its 20,000 barrel per day growth plans at Christina Lake.