Strathcona Executive Chairman, Adam Waterous, Shares His CommentS on CENOVUS/MEG Agreement

Strathcona Resources Ltd.’s Executive Chairman, Adam Waterous, shares the following comment on MEG Energy’s decision to enter into an agreement to be acquired by Cenovus.

“The MEG Board has agreed to a take-under by Cenovus. The price reflects about a dollar per share less than the current value of Strathcona’s offer. Further, the structure being mostly cash is crystallizing value for MEG shareholders instead of Strathcona’s mostly share offer which would allow MEG shareholders the opportunity to ride the upside.

Hats off to Cenovus for preying on a weak board which owns almost no shares in the business and clearly adopted an “Anybody but Strathcona” view as a result of Strathcona putting the company in play. I am sure Cenovus felt that negotiating with the MEG Board was like taking candy from a baby.

Strathcona looks forward to continuing to engage with MEG shareholders in advance of the September 15 tender deadline on Strathcona’s offer. Should Strathcona be unsuccessful in its tender offer, it will be voting its 9.2% ownership stake in MEG against the Cenovus offer and will proceed with its previously disclosed plan of returning approximately $10 per share by year end to its shareholders.”