MEG Energy Announces Initiation of Share Buyback Program
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen unless otherwise noted
CALGARY, Alberta, May 31, 2022 (GLOBE NEWSWIRE) -- MEG Energy Corp. (TSX:MEG, “MEG” or the “Corporation”) is pleased to announce that as a part of a 15 million share block trade on the TSX at a price of $21.85 per share, the Corporation has repurchased 3.4 million shares for cancellation using the block purchase exception under its normal course issuer bid (“NCIB”) and other institutional shareholders have purchased the remaining shares of the block. The Corporation has 23.6 million shares remaining under its current NCIB which expires on March 9, 2023.
About MEG
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's common shares are listed on the Toronto Stock Exchange under the symbol "MEG" (TSX: MEG).
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