MEG Energy Corp. (TSX:MEG) ("MEG", or the "Company") is pleased to announce that today at its special meeting (the "Meeting") of holders ("MEG Shareholders") of common shares of MEG ("MEG Shares"), MEG Shareholders voted in favour of the previously announced plan of arrangement (the "Cenovus Transaction") involving MEG, MEG Shareholders and Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) ("Cenovus").

At the Meeting, the special resolution (the "Transaction Resolution") approving the Cenovus Transaction was approved by 86.15% of the votes cast by MEG Shareholders, present in person or represented by proxy at the Meeting. The Transaction Resolution was also approved by 83.35% of the votes cast by MEG Shareholders present in person or represented by proxy at the Meeting, after excluding the shares held by Strathcona Resources Ltd. and its respective related parties and joint actors (the "Minority Vote"). The Minority Vote was conducted in accordance with the determination of the MEG Board of Directors that, as a matter of fairness, the Cenovus Transaction will be subject to a "majority of the minority" vote under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.

MEG's application to the Court of King's Bench of Alberta (the "Court") for a final order in respect of the Cenovus Transaction (the "Final Order Application") is expected to take place in mid-November and subject to the approval of the Court and the satisfaction or waiver of other customary closing conditions, the Cenovus Transaction is expected to close shortly thereafter. In respect of a previously filed notice of intention to appear at the Final Order Application by a MEG shareholder, the parties are pleased to have resolved their differences on amicable terms, and no other notices of intention to appear at the Final Order Application have been submitted to MEG by parties intending to oppose the granting of the order.