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CALGARY, Alberta, Sept. 18, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today released a presentation outlining the compelling advantages of its transaction with MEG Energy. The transaction was unanimously approved and reaffirmed by MEG Energy’s board of directors, and delivers full and fair value to MEG shareholders. In contrast, Strathcona Resources’ offer is inferior, high risk and not in the best interests of MEG shareholders.

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Why Cenovus’s transaction with MEG is the superior outcome:        

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The presentation detailing the merits of Cenovus’s transaction is available here (link).

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Advisory

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Forward‐looking Information

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This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of Cenovus, including following the acquisition of MEG, based on certain assumptions made in light of Cenovus’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “acquire”, “anticipate”, “consolidate”, “continue”, “drive”, “enable”, “expect”, “intend”, “leverage”, “maintain”, “opportunity”, “option”, “preserve”, “synergy”, “target”, “unlock”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: acquiring all of the issued and outstanding common shares of MEG pursuant to a plan of arrangement (the “Acquisition”); the advantages of the Acquisition; the inferior nature of and risk associated with Strathcona Resources’ offer; expectations with respect to the value offered by the Acquisition; the ability of MEG shareholders to continue the journey with Cenovus by electing to receive share consideration; the quality of Cenovus’s assets and its near-term growth, diversified revenues, balance sheet strength and unique synergies should the Acquisition be completed; offering the opportunity for MEG shareholders to participate in the value upside of the integrated Christina Lake region; the liquidity and value of Strathcona’s shares; the outcomes of Strathcona’s proposal, including Waterous Energy Fund and other Strathcona insiders controlling the combined company and the alignment of their interests with those of MEG shareholders; and Cenovus’s commitment to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating environmental, social and governance considerations into its business plans.

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Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and MEG and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: information currently available to Cenovus about itself, MEG and Strathcona and the businesses in which they operate; the best interests of MEG shareholders; the quality of Strathcona’s assets; the composition of Strathcona’s board post-transaction; the accuracy of analyst predictions and calculations; the intention of Strathcona and its board; the trading value and other characteristics of the Strathcona shares; the completion of the Acquisition on anticipated terms and timing, or at all; the satisfaction of customary closing conditions and obtaining key regulatory, court and MEG shareholder approvals; general economic, market and business conditions; anticipated tax treatment of the transaction; that actions by third parties do not delay or otherwise adversely affect completion of the Acquisition; that competing bids do not materially impact the completion of the Acquisition or Cenovus’s or MEG’s business operations, approvals or key stakeholder relationships; potential litigation relating to the Acquisition that could be instituted against Cenovus or MEG; the ability and timing to integrate MEG’s business and operations and realize the anticipated strategic, operational and financial benefits and synergies from the acquisition of MEG by Cenovus; the ability to integrate the Christina Lake region and the value thereof; the existence of near-term growth opportunities; Cenovus’s portfolio and business plan including if the Acquisition is not completed; potential adverse reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies, resulting from the announcement or completion of the Acquisition; the ability to maintain low steam-to-oil ratio; combined company production estimates; the quality of the integrated resource/assets meeting expectations; ability to achieve integrated development and unlock access to resources; achieving anticipated synergy values on anticipated timelines; immediate accretion; that there will be no material change to MEG’s operations prior to completion of the Acquisition; the combined business has the same per barrel oil overhead cost as Cenovus; ability and timing to leverage combined expertise and drive additional value; preservation of Cenovus’s robust financial framework, strong balance sheet, liquidity and investment grade credit ratings; no material changes to laws and regulations adversely affecting Cenovus’s or MEG’s operations or the Acquisition; maintenance of pro forma net debt; commodity prices; Cenovus’s adjustment of its shareholder returns framework to continue balance of deleveraging with meaningful shareholder returns; the interests of MEG shareholders, Waterous Energy Fund and other Strathcona insiders; and the assumptions inherent in Cenovus’s updated 2025 corporate guidance available on cenovus.com.