Strathcona Responds to MEG Directors' Circular, Supports MEG Strategic Alternatives Process

Group 1: Offer and Strategic Process - Strathcona Resources Ltd. has responded to MEG Energy Corp.'s Board of Directors' circular regarding Strathcona's offer to acquire all outstanding MEG shares not already owned by Strathcona [1] - Strathcona supports MEG's decision to initiate a strategic alternatives process and encourages the Board to explore other acquisition proposals [2][5] - Strathcona is prepared to engage constructively with MEG's Board during this strategic alternatives process [3] Group 2: Offer Details - Strathcona's offer includes 0.62 of a common share in Strathcona plus C$4.10 in cash for each MEG share [7] - The offer is open for acceptance until 5:00 p.m. Mountain Time on September 15, 2025 [7] Group 3: Company Position and Benefits - Strathcona believes its offer creates a win-win situation for both MEG and Strathcona shareholders, forming a new Canadian oil champion with significant accretion on key metrics [5] - The combined entity would be the only 100% oil company in North America with an investment-grade balance sheet and a 50-year reserves life index [5][6] - Strathcona asserts it is uniquely positioned to achieve an immediate investment-grade credit rating upgrade and join major Canadian oil and gas stock indexes post-transaction [6] Group 4: Company Overview - Strathcona is recognized as one of North America's fastest-growing oil producers, focusing on thermal oil and enhanced oil recovery [8]