MEG Energy announces agreement to expand and extend credit facility

CALGARY, March 21, 2012 /CNW/ - MEG Energy Corp. ("MEG") today announced that it has achieved agreement to expand its senior secured revolving credit facility from US$500 million to US$1 billion and extend the maturity of its revolving credit facility by one year to 2017. The transaction was completed through an amendment of MEG's existing credit agreement.

Barclays and BMO Capital Markets acted as Joint Lead Arrangers and Joint Bookrunners for the amendment.

This press 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.

MEG Energy Corp. is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. MEG is actively developing enhanced oil recovery projects that utilize SAGD extraction methods. MEG's common shares are listed on the Toronto Stock Exchange under the symbol "MEG."

Investors
Helen Kelly
Director, Investor Relations
[phone]
[email protected]

Media
Brad Bellows
Director, External Communications
[phone]
[email protected]