MEG Energy provides Annual and Special Meeting voting results

CALGARY, AB--(Marketwired - June 29, 2016) - MEG Energy Corp. (TSX: MEG) announces voting results from its Annual and Special Meeting of Shareholders held on June 28, 2016.

Shareholders elected all directors nominated by management, the results being as follows:

Messrs. Klesse and Hodgson are newly elected independent members of the board.

Shareholders approved the Corporation's amended stock option and restricted share unit plans and all unallocated options and restricted share units to be granted under such plans, with 94% and 89% of the votes cast being in favour of the stock option plan and restricted share unit plan, respectively.

Shareholders confirmed an amendment to the Corporation's by-laws which increases the shareholder quorum requirement for annual meetings, with 75% of the votes cast being in favour of such amendment.

Shareholders also passed a resolution accepting the Corporation's approach to executive compensation, with 96% of the votes cast being in favour.

Lastly, shareholders approved the reappointment of PricewaterhouseCoopers LLP as auditors of the Corporation for the ensuing year.

Governance

In addition, as part of the Corporation's ongoing commitment to good corporate governance practices in Canada, following the conclusion of the Annual and Special Meeting, Mr. Jeff McCaig, an independent director, was appointed the new Chairman of the Board.

Forward-Looking Information

This document may contain forward-looking information including but not limited to: expectations of future production, revenues, expenses, cash flow, operating costs, steam-oil ratios, pricing differentials, reliability, profitability and capital investments; estimates of reserves and resources; the anticipated reductions in operating costs as a result of optimization and scalability of certain operations; and the anticipated sources of funding for operations and capital investments. Such forward-looking information is based on management's expectations and assumptions regarding future growth, results of operations, production, future capital and other expenditures, plans for and results of drilling activity, environmental matters, business prospects and opportunities.

By its nature, such forward-looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks associated with the oil and gas industry, for example, the securing of adequate supplies and access to markets and transportation infrastructure; the availability of capacity on the electricity transmission grid; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to production, costs and revenues; health, safety and environmental risks; risks of legislative and regulatory changes to, amongst other things, tax, land use, royalty and environmental laws; assumptions regarding and the volatility of commodity prices, interest rates and foreign exchange rates, and, risks and uncertainties related to commodity price, interest rate and foreign exchange rate swap contracts and/or derivative financial instruments that MEG may enter into from time to time to manage its risk related such prices and rates; risks and uncertainties associated with securing and maintaining the necessary regulatory approvals and financing to proceed with MEG's future phases and the expansion and/or operation of MEG's projects; risks and uncertainties related to the timing of completion, commissioning, and start-up, of MEG's future phases, expansions and projects; and the operational risks and delays in the development, exploration, production, and capacities and performance associated with MEG's projects.

Although MEG believes that the assumptions used in such forward-looking information are reasonable, there can be no assurance that such assumptions will be correct. Accordingly, readers are cautioned that the actual results achieved may vary from the forward-looking information provided herein and that the variations may be material. Readers are also cautioned that the foregoing list of assumptions, risks and factors is not exhaustive.

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 SEDAR website which is available at www.sedar.com.

The forward-looking information included in this document is expressly qualified in its entirety by the foregoing cautionary statements. Unless otherwise stated, the forward-looking information included in this document is made as of the date of this document and MEG assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.

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."