MEG CEO and Co-Founder to Retire; Stock Looks Overvalued
After 19 years as president and CEO, MEG Energy co-founder, Bill McCaffrey, will be retiring effective May 31. McCaffrey founded the company in 1999 and boasts 35 years of direct oil sands experience. Prior to founding MEG, he was responsible for the growth plans of Amoco Canada’s oil sands leases, and he led the team responsible for the initiation and development of one of the original in situ bitumen production sites to use horizontal wells and thermal technologies. Harvey Doerr, a current boa...MEG Energy is engaged in a steam assisted gravity drainage oil sands development at its 80 section Christina Lake Regional Project. As of Dec 31 2010, Co. had total proved bitumen reserves of 605.9 gross thousand barrels (470.5 net thousand barrels).
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