Strathcona Resources Ltd. Responds to MEG Board Recommendation

Core Viewpoint - Strathcona Resources Ltd. expresses disappointment over MEG Energy Corp.'s Board of Directors' decision to favor the arrangement agreement with Cenovus Energy Inc. over Strathcona's superior Amended Offer, which provides an upfront premium and future growth potential for MEG shareholders [2][3]. Company Actions - Strathcona encourages MEG shareholders to vote against the MEG Board Deal and to deposit their shares under the Amended Offer before the expiration time of October 20, 2025 [4][3]. - The company has posted a new presentation on its website to correct what it claims are misleading statements made by the MEG Board [2]. Shareholder Engagement - Strathcona has received strong support from MEG shareholders for its Amended Offer and has thanked those who have already deposited their shares [3]. - The company holds approximately 14.2% of MEG's shares and intends to vote against the MEG Board Deal at the special meeting scheduled for October 9, 2025 [3][13]. Offer Details - The Amended Offer is set to expire at 5:00 p.m. Mountain time on October 20, 2025, following the special meeting of MEG shareholders [3]. - Strathcona's Amended Offer is characterized as superior due to its upfront premium and the opportunity for MEG shareholders to participate in a larger, stronger business [2].