MEG Energy is focused on sustainable in situ thermal oil development and production with a large, wholly-controlled resource base concentrated in the southern Athabasca region of Alberta. MEG owns approximately 1,100 square kilometres of leases in three key asset areas:

* Up to date as of May 31, 2021.

MEG plans to grow its production using steam-assisted gravity drainage (SAGD) technology with thermal-electric cogeneration providing a portion of the required steam. MEG is also deploying eMSAGP technology to maximize production out of existing assets.

These proven technologies have demonstrated economic and environmental advantages. While the benefits of using proven technology are the foundation of our approach, we also actively investigate technologies such as our proprietary enhanced bitumen recovery processes eMSAGP and eMVAPEX that can provide further improvements to resource recovery while reducing our costs and environmental footprint.

* See Oil and Gas Information section of our Legal Notice