Cenovus Energy acquires 8.5% of MEG Energy common shares

Cenovus Energy (CVE) announced that it has acquired an aggregate of 21,723,540 common shares of MEG Energy through the facilities of the Toronto Stock Exchange or other Canadian alternative exchanges or markets. Immediately following the acquisition of the common shares, Cenovus beneficially owned, directly or indirectly, and exercised control or direction over an aggregate of MEG common shares representing 8.5% of the 254,378,035 MEG common shares issued and outstanding, all of which have been acquired by Cenovus since Oct. 8, 2025. The MEG common shares were acquired by Cenovus in furtherance of its previously announced transaction with MEG. To the extent Cenovus is able, the company intends to vote any acquired shares in favour of the transaction. Cenovus may, from time to time, dependent on market or other conditions, and subject to applicable securities laws, either increase or decrease its beneficial ownership in the MEG common shares.