MEG Energy Corp. announced the pricing of its previously announced offering (the "offering") of USD 600 million in aggregate principal amount of senior unsecured notes (the "notes"). The notes will bear interest at 5.875% per annum and are due in 2029. MEG intends to use the net proceeds of the offering, together with cash on hand, (i) to redeem in full USD 600 million in aggregate principal amount of its 7.00% senior unsecured notes due March 2024 (the "2024 Notes"), and (ii) to pay fees and expenses related to the offering. The closing of the offering, which is subject to customary conditions, is expected to occur on February 2, 2021. The notes offered by MEG will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The notes are being offered only to persons reasonably believed to be qualified institutional buyers in the United States under Rule 144A and outside the United States in compliance with Regulation S under the U.S. Securities Act. In Canada, the notes are to be offered and sold on a private placement basis in certain provinces of Canada. This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.