An anonymous director reports

STRATHCONA RESOURCES LTD. CONFIRMS CLOSING OF SALE OF MONTNEY BUSINESS AND PROVIDES UPDATE ON MEG STRATEGIC ALTERNATIVES PROCESS

Strathcona Resources Ltd. has closed its previously announced Montney asset sales for total value of approximately $2.86-billion, including closing adjustments (1). The sale of its Groundbirch asset closed on June 1, 2025, and the sale of its Kakwa and Grande Prairie assets closed today.

Strathcona is now a pure play heavy oil company producing approximately 120,000 barrels per day (100 per cent oil) with a 50-year proven plus probable reserves life index and plans to increase to 195,000 bbl/d by 2031. In addition, Strathcona currently has approximately $200-million in positive net cash and marketable securities (2) after deducting all debt, inclusive of approximately 4.6 million shares in Tourmaline Oil Corp. and 23.4 million shares in MEG Energy Corp.

MEG strategic alternative process update

While Strathcona is pleased that the board of directors of MEG has elected to pursue a strategic alternatives process, it is disappointed that, in the nine weeks since Strathcona submitted its original written offer to the MEG board on April 28, 2025, the MEG board has declined to have any dialogue with Strathcona to learn more about its offer, Strathcona's business or if an alternative structure could be agreed to.

The MEG board's behaviour does not match feedback Strathcona has received to date from MEG shareholders, who have indicated they would like to see the MEG board engage with Strathcona to see if a win-win outcome can be reached for both Strathcona and MEG shareholders. Strathcona remains ready and willing to engage with the MEG board, including as part of its strategic alternatives process. Alternatively, Strathcona remains committed to continuing its direct dialogue with MEG shareholders in advance of the Sept. 15 tender deadline for its offer.

About Strathcona Resources Ltd.

Strathcona is one of North America's fastest-growing oil and gas producers with operations focused on thermal oil and enhanced oil recovery. Strathcona is built on an innovative approach to growth achieved through the consolidation and development of long-life oil assets. Strathcona's common shares (symbol SCR) are listed on the Toronto Stock Exchange.

Notes

(1) Includes approximately $20-million of closing and other adjustments in Strathcona's favour, relative to Strathcona's May 14, 2025, press release, which disclosed total value of Montney transactions of $2.84-billion.

(2) A non-generally accepted accounting principle financial measure which does not have a standardized meaning prescribed by accounting standards.

Offer information

Strathcona's offer to acquire all of the issued and outstanding common shares of MEG not already owned by Strathcona provides that each holder whose MEG shares are taken up in the offer will be entitled to receive 0.62 of a common share in the capital of Strathcona plus $4.10 per MEG share in cash. The offer will be open for acceptance until 5 p.m. Mountain Time on Monday, Sept. 15, 2025.

More information regarding Strathcona and the offer can be found on Strathcona's website.

Shareholders who have questions or require assistance in depositing MEG shares to the offer should contact the information agent, Laurel Hill Advisory Group, by e-mail at assistance@laurelhill.com or by phone at 1-877-452-7184 (toll-free).

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