• Shareholders Advised to Take No Action Pending Review of Offer

MEG Energy Corp. acknowledges the announcement by Husky Energy Inc. that Husky intends to make an unsolicited offer to acquire all of the issued and outstanding common shares of MEG.

The MEG Board of Directors will consider and evaluate the Husky offer and related take-over bid circular, if and when received. To assist the Board in this process the Board has formed a special committee comprised of independent directors and has retained financial and legal advisors.  

No formal offer has been made and MEG shareholders are advised to take no action with respect to any Husky offer until the Board of Directors has had an opportunity to fully review the offer, when received, and to make a recommendation as to its merits. 

Shareholders will be notified of any recommendation of the Board of Directors through a news release and circular in accordance with applicable securities laws.

Legal counsel to MEG's Board and Special Committee is Bennett Jones LLP and BMO Capital Markets has been retained as financial advisor. Kingsdale is serving as MEG's information agent.