An anonymous director reports

MEG RECEIVES TSX APPROVAL FOR RENEWAL OF NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has approved the renewal of MEG Energy Corp.'s normal course issuer bid.

Pursuant to the bid, MEG will purchase for cancellation, from time to time, as it considers advisable, up to a maximum of 24,007,526 common shares of the corporation. The bid will become effective on March 11, 2024, and will terminate on March 10, 2025, or such earlier time as the bid is completed or terminated at the option of MEG.

MEG's intention to continue its share buyback program is consistent with the corporation's capital allocation strategy which includes enhancing shareholder returns through share buybacks and continued debt reduction. MEG believes there are times when the market price of its common shares may not fully reflect the underlying value of its business and future prospects. Depending on the trading price of its common shares and other relevant factors, the corporation believes purchasing common shares represents an attractive investment opportunity and is in the best interest of MEG and its shareholders.

The maximum number of common shares to be purchased pursuant to the bid represents 10 per cent of the public float, as of Feb. 29, 2024. MEG has 272,103,821 common shares issued and outstanding as of Feb. 29, 2024. Purchases pursuant to the bid will be made on the open market through the facilities of the TSX (Toronto Stock Exchange) and/or alternative trading systems in Canada. The number of common shares that can be purchased pursuant to the bid is subject to a daily maximum of 517,146 common shares (which is equal to 25 per cent of the average daily trading volume of common shares from Sept. 1, 2023, to Feb. 29, 2024, less any common shares purchased during that period under the prior bid (as defined herein)) with the exception that one block purchase in excess of the daily maximum is permitted per calendar week. The price that MEG will pay for any common shares under the bid will be the prevailing market price on the TSX at the time of such purchase. Common shares acquired under the bid will be cancelled.

As of Feb. 29, 2024, MEG had purchased an aggregate of 16,597,600 common shares at a weighted average price of $24.48 per common share under a normal course issuer bid that runs between March 10, 2023, and March 9, 2024 (the prior bid).

MEG has entered into an automatic share purchase plan (ASPP) with BMO Nesbitt Burns Inc. (BMO) in order to facilitate repurchases of its common shares. Under the corporation's ASPP, BMO may repurchase shares under the normal course issuer bid during the corporation's self-imposed blackout periods. Purchases will be made by BMO based upon the parameters prescribed by the TSX and applicable securities laws, the terms of the plan and the parties' written agreement. Outside of these blackout periods, common shares may be purchased under the NCIB in accordance with management's discretion.

About MEG Energy Corp.

MEG is an energy company focused on sustainable in situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. MEG is actively developing innovative enhanced oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the responsible economic recovery of oil as well as lower carbon emissions. MEG transports and sells thermal oil (AWB) to customers throughout North America and internationally. MEG is a member of the Pathways Alliance, a group of Canada's largest oil sands producers working together to address climate change and achieve the goal of net-zero emissions by 2050. MEG's common shares are listed on the Toronto Stock Exchange under the symbol MEG (TSX: MEG).

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