Cenovus Energy acquires 8.5% of MEG Energy common shares

Executive Summary

• Cenovus Energy Inc. acquired an additional 21,723,540 common shares of MEG Energy Corp., bringing its total beneficial ownership to approximately 8.5% of MEG’s outstanding shares.
• The acquisition is part of the previously announced transaction between Cenovus and MEG; Cenovus intends to vote the newly‑acquired shares in favour of that deal.
• Cenovus may adjust its ownership level in MEG over time, subject to market conditions and securities law requirements.

Key Details

• Shares Acquired: 21,723,540 common shares of MEG Energy Corp.
• Total Ownership Post‑Acquisition: ~8.5% of MEG’s 254,378,035 issued and outstanding common shares.
• Acquisition Method: Purchased on the Toronto Stock Exchange or other Canadian alternative exchanges/markets.
• Purpose: To further Cenovus’ previously announced transaction with MEG; intent to vote acquired shares in favour of that transaction.
• Future Flexibility: Cenovus may increase or decrease its beneficial ownership in MEG, depending on market conditions and applicable securities laws.
• Regulatory Disclosure: Release made pursuant to NI 62‑104 (Take‑Over Bids and Issuer Bids) Section 5.4.

Notable Quotes

(No direct quotes were provided in the release.)