MEG Energy Files Preliminary Base Shelf Prospectus

CALGARY, AB--(Marketwired - December 23, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

MEG Energy Corp. (TSX: MEG) (the "Company") today announced that it has filed a preliminary short form base shelf prospectus with the securities regulators in each of the provinces and territories of Canada.

The prospectus will allow WP Lexington Private Equity B.V. ("WP Lex"), an affiliate of Warburg Pincus LLC, to offer and sell or otherwise distribute in aggregate up to 10,000,000 common shares of the Company (the "Common Shares"), representing in aggregate up to Cdn. $350,000,000, in one or more distributions during a 25-month period.

The Company will not sell any Common Shares under the prospectus and will not receive any proceeds from any sale or distribution of Common Shares by WP Lex.

A copy of the prospectus may be obtained on SEDAR at www.sedar.com under the Company's profile.

Notice to Readers

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act of 1933 and other applicable securities laws.

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."