MEG Energy Corp T.MEG

Alternate Symbol(s): MEGEF

Energy Oil & Gas E&P

MEG Energy Corp. is a Canada-based energy company focused on in-situ thermal oil production in the southern Athabasca oil region of Alberta, Canada. The Company is engaged in the development of enhanced oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the economic recovery of oil. It transports and sells thermal oil (AWB) to customers throughout North America and internationally. The Company owns a 100% interest in over 410 square miles of mineral leases in the southern Athabasca oil region of Alberta, Canada and is primarily engaged in sustainable in situ thermal oil production at its Christina Lake Project. Christina Lake Project is a multi-phased project, located 150 kilometers south of Fort McMurray in northeast Alberta. It comprised of approximately 200 square kilometers of leases.

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MEG Energy Corp

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Post by Torchie1on Mar 30, 2020 8:46am

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Post# 30859185

News Release

Globe says Cenovus, rivals hear fed vow support

Cenovus Energy Inc (C:CVE)
Shares Issued 1,228,736,948
Last Close 3/27/2020 $2.35
Monday March 30 2020 - In the News

Also Canadian Natural Resources Ltd (C:CNQ) In the News
Also MEG Energy Corp (C:MEG) In the News
Also Suncor Energy Inc (C:SU) In the News
Also Husky Energy Inc (C:HSE) In the News
Also Imperial Oil Ltd (C:IMO) In the News

The Globe and Mail reports in its Saturday edition that Finance Minister Bill Morneau says a program to help the oil patch, including a backstop for banks that lend to the energy sector, is on its way. The Globe's Jeffrey Jones and Emma Graney write that the fear in the industry is that producers could have their lines of credit reduced or revoked just when they need them to stay afloat. Mr. Morneau says he wants to protect the "sector with credit that will be guaranteed by the federal government to a certain extent to allow them to bridge through a difficult time, especially small and medium-size companies." Alberta Premier Jason Kenney rejects further curtailment measures, saying there is "no point" because oil producers are already limiting production voluntarily with prices at a "ridiculously low level." The last time Alberta restricted oil output, independent oil sands producers such as Canadian Natural Resources, Cenovus Energy and MEG Energy backed the policy. Integrated companies including Suncor Energy, Husky Energy and Imperial Oil opposed the cuts, arguing that the market should set prices, not the government. The curbs remain in place under the Kenney government, but they have been relaxed.