Strathcona Resources Ltd.'s Response to MEG Energy Corp. Board Recommendation

On September 16, 2025, Strathcona Resources Ltd. publicly reacted to the recent recommendation made by the Board of Directors of MEG Energy Corp. (the 'MEG Board'). This recommendation urged shareholders to vote in favor of the arrangement agreement between MEG and Cenovus Energy Inc., which was publicly announced on August 22, 2025, commonly referred to as the 'MEG Board Deal'. Strathcona's commentary came on the heels of MEG's dismissal of its own amended and extended takeover bid, communicated on September 8, 2025.

Strathcona's disappointment is palpable, as it believes its Amended Offer not only provides a greater up-front premium compared to the MEG Board Deal, but also grants MEG shareholders the potential to share in future growth within a more substantial and competitive organization. Strathcona noted that MEG's refusal to consider this offer represents a continuation of misleading claims echoed in previous communications from the MEG Board, specifically noted in their June 16, 2025, director's circular.

In light of this situation, Strathcona has taken proactive measures to inform both MEG and Strathcona shareholders. They have released a new presentation available on Strathcona's official website intended to clarify its position and correct any misconceptions propagated by MEG. This presentation aims to ensure that shareholders can make informed decisions regarding their investments.

The company expressed gratitude towards MEG shareholders who have shown support by depositing their shares under the Amended Offer. With the expiration for this offer set for 5:00 p.m. Mountain Time on October 20, 2025, it is crucial for shareholders to be aware of the upcoming special meeting of MEG shareholders scheduled for October 9, 2025. This meeting will serve to vote on the MEG Board Deal, which necessitates an approval of at least 66 2/3% from shareholders present either in person or by proxy.

Furthermore, Strathcona has pledged to vote against the MEG Board Deal based on its reported ownership of approximately 14.2% of MEG shares. The company has strongly encouraged MEG shareholders to voice their opposition to the MEG Board Deal and to consider supporting Strathcona’s Amended Offer before the specified Expiry Time. Any shareholders requiring assistance or guidance in relation to depositing their shares have been advised to reach out to Laurel Hill Advisory Group, identified as the Information Agent.

For further inquiries, Strathcona has provided details on how shareholders can obtain original offer documents and updates regarding their proposed takeover bid. These materials include Strathcona's initial offer and accompanying circular from May 30, 2025, as well as further updates filed on September 10, 2025.

Strathcona Resources is quickly establishing itself as one of North America's leading pure-play heavy oil producers, focusing on thermal oil and enhanced oil recovery operations. Its growth strategy revolves around consolidating and developing long-duration assets to create substantial shareholder value. With its common shares listed on the Toronto Stock Exchange under the symbol SCR, Strathcona continues to actively engage with stakeholders to solidify its market position while expanding its corporate influence.

In conclusion, Strathcona Resources Ltd. remains adamant about its proposal and is rallying support from MEG shareholders to challenge the current MEG Board Deal, advocating for what it believes to be a more beneficial path forward for all parties involved. As they approach the pivotal dates in their acquisition effort, the company emphasizes the importance of informed shareholder decisions in shaping the future of the involved entities.