CALGARY,
AB, March 16, 2022 /CNW/ - MEG Energy Corp.
(TSX: MEG) ("MEG" or the "Corporation") today announced that
following a successful 9-year career at MEG, Eric L. Toews plans to retire effective
September 1, 2022. Mr. Toews
has agreed to continue in his role as Chief Financial Officer until
his successor is appointed, and then remain with the Corporation
during a transition period until his retirement date.
MEG intends to conduct an external search for its next Chief
Financial Officer and will retain an executive search firm to
assist in this process.
"On behalf of the entire Board and management team, I thank Eric
for his dedication and valuable contributions during his time at
MEG," said Derek Evans, President
and Chief Executive Officer. "Eric has led a number of strategic
initiatives which have transformed MEG's balance sheet, including
the sale of the Access Pipeline and the completion of a number of
complex refinancing transactions which have been instrumental in
getting us to the place we are today where we can begin returning
capital to shareholders. On a personal note, Eric has been an
amazing partner. I am grateful to have had the opportunity to
work alongside him these last four years and I wish him all the
best in the future."
"I am extremely proud to have been able to play a part in
getting MEG to where it is today," Toews said. "Under Derek's
strong leadership, I am confident I am leaving MEG at a time where
the transition to the next CFO will be seamless, and that
individual will be joining a very strong management team with a
proven track record of shareholder value creation."
About MEG
MEG is an energy company focused on sustainable in situ thermal
oil production in the southern Athabasca oil region of Alberta, Canada. MEG is actively developing
innovative enhanced oil recovery projects that utilize
steam-assisted gravity drainage extraction methods to improve the
responsible economic recovery of oil as well as lower carbon
emissions. MEG transports and sells thermal oil (AWB) to customers
throughout North America and
internationally. MEG's common shares are listed on the Toronto
Stock Exchange under the symbol "MEG" (TSX: MEG).
Learn more at www.megenergy.com
ADVISORY
Forward-Looking Information
Certain statements contained in this news release may constitute
forward-looking statements within the meaning of applicable
Canadian securities laws. These statements relate to future events
or MEG's future performance. All statements other than statements
of historical fact may be forward-looking statements. The use of
any of the words "anticipate", "continue", "estimate", "expect" or
"expected", "may", "will", "will have", "project", "should",
"believe", "dependent", "ability", "leaving", "plan", "intend",
"target", "potential" and similar expressions are intended to
identify forward-looking statements. Forward-looking statements are
often, but not always, identified by such words. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. In
particular, and without limiting the foregoing, this news release
contains forward-looking statements with respect to MEG's
intentions with respect to the finding a successor chief financial
officer and the Corporation's ability to deliver on its
deleveraging and shareholder return strategy. Such forward-looking
information is based on certain assumptions and analysis made by
MEG in light of its experience and perception of current conditions
and expected future developments as well as other factors it
believes are appropriate in the circumstances. However, whether
actual results, performance or achievements will conform to MEG's
expectations and predictions is subject to a number of known and
unknown risks and uncertainties which could cause actual results to
differ materially from MEG's expectations. Further information
regarding the assumptions and risks inherent in the making of
forward-looking statements can be found in MEG's most recently
filed Annual Information Form ("AIF"), along with MEG's other
public disclosure documents. Copies of the AIF and MEG's other
public disclosure documents are available through the Company's
website at www.megenergy.com/investors and through the SEDAR
website at www.sedar.com. The forward-looking information included
in this news release is expressly qualified in its entirety by the
foregoing cautionary statements. Unless otherwise stated, the
forward-looking information included in this news release is made
as of the date of this news release and MEG assumes no obligation
to update or revise any forward-looking information to reflect new
events or circumstances, except as required by law.
For further information, please contact:
Investor Relations
T 403.767.0515
E invest@megenergy.com
Media Relations
T 403.775.1131
E media@megenergy.com
SOURCE MEG Energy Corp.