MEG Energy today announced that it has expanded its senior secured revolving credit facility from US$1.0 billion to US$2.0 billion and has extended the maturity of the revolving credit facility by one year to 2018. The transaction was completed through an amendment of MEG's credit agreement. The revolving credit facility retains its covenant-lite structure and is currently undrawn."The expansion of our credit facility [...]
MEG Energy announces the voting results for the election of directors at its Annual and Special Meeting of Shareholders held on May 2, 2013. Shareholders re-elected all directors nominated by management, the results being as follows:
MEG Energy today reported first quarter 2013 operational and financial results. Highlights include:Record quarterly production volumes of 32,531 barrels per day as MEG drives toward a 2013 exit production rate 30% to 50% higher than 2012 average volumes and a nearly 180% increase over 2012 averages by early 2015;Low net operating costs of $10.44 per barrel, which mitigated the challenging price environment through January [...]
MEG Energy announces that it intends to release its financial results for the first quarter ended March 31, 2013 on Wednesday, April 24, 2013.A conference call will be held to review the financial results at 7:30 a.m. Mountain Time (9:30 a.m. Eastern Time) on Wednesday, April 24, 2013. The U.S./Canada toll-free conference call number is 1 888-231-8191. The international/local conference call number is 647-427-7450. A [...]
MEG Energy reports that Chief Financial Officer Dale Hohm will retire effective August 1, 2013 after serving as MEG's CFO for nine years."Dale has played a key role in MEG's success," said Bill McCaffrey, President and Chief Executive Officer. "Since 2004, he's been a guiding hand and strong steward for our shareholders every step of the way, from producing our first barrel of oil to playing a key role in launching one of [...]
MEG Energy filed its audited financial statements, Management's Discussion and Analysis and Annual Information Form for the year ended December 31, 2012 with the Canadian securities regulatory authorities today.To review these documents, please visit MEG's profile at www.sedar.com or see the "Financial Information" section of MEG's website at www.megenergy.com/investors.MEG Energy Corp. is focused on sustainable in situ [...]
MEG Energy announces that in light of favourable market conditions, it has re-priced and extended the maturity of its existing US$987.5 million term loan. The interest rate of the covenant-light term loan has been reduced by 25 basis points and the maturity has been extended by two years to March 2020. In addition to re-pricing and extending the term loan, MEG has also taken the opportunity to increase the term loan by [...]
Production and marketing strategies to reach major milestones in 2013. MEG Energy today reported fourth quarter and full-year 2012 operational and financial results. Highlights include:Record annual and exit production volumes, exceeding 2012 guidance;Record quarterly production and low operating costs contribute to very strong fourth quarter netbacks;Agreements in place to enable substantial volumes to be transported by [...]
MEG Energy announces that it intends to release its financial results for the fourth quarter ended December 31, 2012 on Thursday, January 31, 2013.A conference call will be held to review the financial results at 7:30 a.m. Mountain Time (9:30 a.m. Eastern Time) on Thursday, January 31, 2013. The U.S./Canada toll-free conference call number is 1 888-231-8191. The international/local conference call number is 647-427-7450 [...]
MEG Energy announced today that it has closed its recently announced bought deal financing and concurrent private placement of common shares. A total of 12,125,000 common shares have been issued pursuant to the Public Offering and 12,121,212 common shares have been issued pursuant to the Private Placement to Caisse de dépôt et placement du Québec, at a ...
MEG Energy released its 2013 capital budget and production guidance today, which includes planned capital investment of approximately $1.9 billion (including $90 million deferred from previously planned 2012 investments) and a production target of 32,000 to 35,000 barrels per day (bpd). Goals for 2013 include:
MEG Energy reported today that it has entered into agreements to offer a total of 24,246,212 MEG common shares at a price of CDN$33.00 per share to raise gross proceeds of approximately CDN$800 million. Under the agreements, 12,125,000 MEG common shares will be issued on a bought deal basis through a syndicate of underwriters co-led by BMO Capital Markets, Credit Suisse Securities (Canada), Inc., Barclays Capital Canada [...]