MEG Energy announces agreement to expand and extend credit facility

Calgary, Alberta--(Marketwired - Nov. 5, 2014) - MEG Energy Corp. (TSX:MEG) ("MEG") today announced that it has expanded its senior secured revolving credit facility from US$2.0 billion to US$2.5 billion and has extended the maturity of the revolving credit facility by one year to 2019. The transaction was completed through an amendment of MEG's credit agreement, entered into with its existing syndicate of lenders. The revolving credit facility retains its covenant-lite structure and is currently undrawn.

BMO Capital Markets and Barclays Bank PLC acted as Joint Lead Arrangers and Joint Bookrunners for the transaction.

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.

Forward-Looking Information

This news release may contain forward-looking information. For supplemental information regarding assumptions, risks and factors relating to such forward-looking information, please refer to MEG's annual information form dated March 5, 2014 (the "AIF"). Copies of the AIF and of MEG's other public disclosure documents are available through the SEDAR website (www.sedar.com) or by contacting MEG's investor relations department.

MEG 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".

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