MEG Energy Pegs New CEO
No-moat MEG Energy appointed its new president and CEO, Derek Evans. Evans has over 35 years of experience, including 15 years as CEO. Recently, he spent the past nine years as the CEO and director of Pengrowth Energy Corporation. Pengrowth has exposure to SAGD oil sands production with its Lindbergh oil sands project, which was delivered by Mr. Evans. We see this experience as a positive, but the project produces around 12,000 barrels of oil per day, which is a fraction of MEG’s 2018 exit produ...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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