Cenovus acquires 8.5% of MEG Energy

Executive Summary

• Cenovus Energy Inc. acquired an aggregate of 21,723,540 MEG Energy Corp. common shares, representing an 8.5 % stake in MEG.
• The acquisition brings Cenovus’s beneficial ownership to 8.5 % of the total outstanding MEG common shares as of October 8, 2025.
• Cenovus intends to vote the acquired shares in favour of its previously announced transaction with MEG and may adjust its stake over time subject to market conditions and securities laws.

Key Details

• Shares Acquired: 21,723,540 MEG Energy Corp. common shares.
• Ownership Percentage: 8.5 % of the 254,378,035 MEG common shares issued and outstanding.
• Acquisition Period: Shares acquired cumulatively since October 8, 2025.
• Purpose: Acquisition made in furtherance of Cenovus’s previously announced transaction with MEG Energy Corp.
• Voting Intent: Cenovus intends to vote any acquired shares in favour of the pending transaction, subject to its ability to do so.
• Future Flexibility: Cenovus may increase or decrease its beneficial ownership in MEG common shares depending on market conditions and applicable securities laws.

Notable Quotes

(No direct quotes were provided in the release.)