MEG Energy Responds to Husky Energy's Announcement of an Intention to Make an Unsolicited Offer

Shareholders Advised to Take No Action Pending Review of Offer

CALGARY, Sept. 30, 2018 /CNW/ - MEG Energy Corp. (TSX: MEG) ("MEG" or the "Company") acknowledges today's announcement by Husky Energy Inc. ("Husky") that Husky intends to make an unsolicited offer to acquire all of the issued and outstanding common shares of MEG.

The MEG Board of Directors will consider and evaluate the Husky offer and related take-over bid circular, if and when received. To assist the Board in this process the Board has formed a special committee comprised of independent directors (the "Special Committee") and has retained financial and legal advisors. 

No formal offer has been made and MEG shareholders are advised to take no action with respect to any Husky offer until the Board of Directors has had an opportunity to fully review the offer, when received, and to make a recommendation as to its merits. Shareholders will be notified of any recommendation of the Board of Directors through a news release and circular in accordance with applicable securities laws.

Legal counsel to MEG's Board and Special Committee is Bennett Jones LLP and BMO Capital Markets has been retained as financial advisor. Kingsdale is serving as MEG's information agent.

About MEG Energy Corp.

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".

For further information, please contact:

John Rogers
Vice President, Investor Relations and External Communications

SOURCE MEG Energy Corp.