MEG Energy Corp. announced that it has successfully closed its previously announced offering (the "offering") of $1,200 million in aggregate principal amount of 7.125% senior unsecured notes due February 2027 (the "notes"). MEG intends to use the net proceeds of the offering, together with cash on hand, (i) to refinance its $800 million in aggregate principal amount of 6.375% senior unsecured notes due January 2023 (the "2023 Notes") by way of a previously announced conditional redemption, (ii) to redeem $400 million of its $1,000 million aggregate principal amount of 7.00% senior unsecured notes due March 2024 (the "2024 Notes") by way of a previously announced conditional redemption, and (iii) to pay fees and expenses related to the offering. The redemptions of the 2023 Notes and a portion of the 2024 Notes are expected to be completed on February 18, 2020. The notes have not and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The notes were offered only to qualified institutional buyers in the United States under Rule 144A and outside the United States in compliance with Regulation S under the U.S. Securities Act. In Canada, the notes were offered and sold on a private placement basis in certain provinces of Canada. This news 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.