An anonymous director reports

STRATHCONA RESOURCES LTD. ANNOUNCES VOTING SUPPORT AGREEMENT FOR CENOVUS ENERGY INC.'S ACQUISITION OF MEG ENERGY CORP. AND AGREEMENT TO PURCHASE VAWN THERMAL PROJECT AND CERTAIN UNDEVELOPED THERMAL LANDS FROM CENOVUS

Strathcona Resources Ltd. has entered into a voting support agreement with Cenovus Energy Inc. concurrently with Cenovus entering into an amendment agreement with MEG Energy Corp. to increase the consideration offered by Cenovus to holders of common shares of MEG under the arrangement agreement dated Aug. 21, 2025, as amended, to $30.00 in cash or 1.255 Cenovus common shares per MEG common share, subject to pro ration. Pursuant to the voting support agreement, Strathcona has agreed to, among other things and subject to the terms thereof, vote its 36.1 million common shares of MEG in favour of the Cenovus-MEG transaction at the special meeting of MEG shareholders currently scheduled to be held on Oct. 30, 2025.

Strathcona today also announced the purchase of the Vawn thermal project and certain undeveloped thermal lands at Lindbergh, Plover Lake and Glenbogie from Cenovus, for initial consideration paid on closing of $75.0-million and additional contingent consideration of up to $75.0-million, depending on future commodity prices1, to be paid in accordance with the asset purchase agreement.

Strathcona's obligations under the voting support agreement will terminate under certain circumstances prescribed therein, including upon (i) completion of or termination of the Cenovus-MEG transaction, and (ii) termination of the Strathcona-Cenovus asset purchase.

Depending upon various factors, including, without limitation, the price and availability of the MEG common shares on published markets, subsequent developments affecting MEG, its business and prospects, other investment and business opportunities available to Strathcona, general industry and economic conditions, the securities markets in general, tax considerations, and other factors deemed relevant by Strathcona, Strathcona may, subject to the terms of the voting support agreement, (i) change its beneficial ownership of the MEG common shares, including selling such common shares following the conclusion of the MEG meeting, or (ii) consider or propose, develop plans or take action which relate to or would result in, one or more of the actions described in Items 5(a) to (k) of Form 62-103F1 -- Required Disclosure Under the Early Warning Requirements.

About Strathcona Resources Ltd.

Strathcona is one of North America's fastest-growing pure play heavy oil 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 assets. Strathcona's common shares (symbol SCR) are listed on the Toronto Stock Exchange (TSX).

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