CALGARY, AB , May 15, 2025 /PRNewswire/ - Strathcona Resources Ltd. (" Strathcona ") announced today that it intends to commence a take-over bid for MEG Energy Corp. (TSX: MEG) ("MEG"), pursuant to which Strathcona will offer (the "Offer") to acquire all of the issued and outstanding common shares of MEG ("MEG Shares"), not already owned by Strathcona or its affiliates, for 0.62 of a common share of Strathcona ("Strathcona Shares") and $4.10 in cash per MEG Share.

CALGARY, AB , May 15, 2025 /PRNewswire/ - Strathcona Resources Ltd. ("Strathcona" or the "Company") (TSX: SCR) today reported its first quarter 2025 financial and operational results and disclosed an investment in MEG Energy Corp. The Board of Directors also declared a quarterly dividend of $0.30 per share Q1 2025 Highlights Production of 194,609 boe/d (70% oil and condensate, 76% liquids)(1) Operating Earnings of $322.4 million ($1.51 / share) Free Cash Flow of $184.0 million ($0.86 / share)(2) Three Months Ended ($ millions, unless otherwise indicated) March 31, 2025 March 31, 2024 December 31, 2024 WTI (US$ / bbl) 71.42 76.96 70.27 WCS Hardisty (C$ / bbl) 84.30 77.77 80.75 AECO 5A (C$ / GJ) 2.05 2.36 1.40 Bitumen (bbls/d) 65,016 60,150 59,732 Heavy oil (bbls/d) 50,488 51,835 50,997 Condensate and light oil (bbls/d) 20,682 19,279 20,763 Total oil production (bbls/d) 136,186 131,264 131,492 Other NGLs (bbls/d) 11,837 11,738 12,980 Natural gas (mcf/d) 279,517 252,720 256,386 Production (boe/d) 194,609 185,122 187,203 Sales (boe/d) 194,884 182,862 184,120 % Oil and condensate 70 % 71 % 70 % % Liquids(1) 76 % 77 % 77 % Oil and natural gas sales, net of blending costs and otherincome(2) 1,133.7 1,004.3 1,024.6 Royalties 138.2 126.2 208.5 Production and operating – Energy 75.7 78.8 58.7 Production and operating – Non-energy 155.5 135.4 138.5 Transportation and processing 142.4 143.4 144.2 General and administrative 24.7 22.0 28.4 Depletion, depreciation and amortization 215.7 221.8 196.3 Interest and finance costs(3) 59.1 67.7 60.0 Operating Earnings 322.4 209.0 190.0 Other items(3) 117.1 108.4 102.1 Income and comprehensive income 205.3 100.6 87.9 Operating Earnings 322.4 209.0 190.0 Non-cash items(3) 236.4 244.1 217.3 (Loss) gain on risk management and foreign exchange contracts – realized (0.7) 2.5 (1.8) Funds from Operations (2) 558.1 455.6 405.5 Capital expenditures (350.6) (286.1) (392.5) Decommissioning costs (23.5) (11.6) (12.7) Free Cash Flow (2) 184.0 157.9 0.3 Debt, net of cash and marketable securities (3) 2,416.8 2,642.5 2,461.6 Common shares (millions) 214.2 214.2 214.2 (1) See "Presentation of Oil and Gas Information" section of this press release.

First Quarter 2025 Highlights (comparisons to first quarter 2024) Highest-ever first quarter revenue of $177.8 million, an increase of $22.5 million, or 14.5% Net loss of $19.4 million, or $0.64 net loss per diluted share attributable to common stockholders (LPS), and Adjusted Net Income1 of $5.8 million, or $0.07 Diluted Adjusted Net Income per share1 (Adj EPS) Highest-ever first quarter Consolidated Adjusted EBITDA1 of $19.0 million, an increase of $2.1 million, or 12.5% Highest-ever first quarter operating cash flow of $5.5 million, an increase of $27.5 million Reported leverage ratio of 2.2x as of March 31, 2025, and significant liquidity of $294.2 million, including $30.3 million of cash and $263.9 million available under the revolving credit facility Increased 2025 Guidance Increased expected full year 2025 Consolidated Adjusted EBITDA1 to a range of $103.0 million to $110.0 million, from $101.0 million to $108.0 million previously Reaffirms expected full year 2025 revenue within a range of $735.0 million to $785.0 million Expects full year 2025 Consolidated Adjusted EBITDA1 expansion and higher operating cash flow generation Strategic Capital Allocation Update Announced inaugural stock repurchase program of up to $40.0 million Executed on capital allocation priorities and redeemed $60.0 million of preferred equity in April 2025 LITTLE ROCK, Ark. , May 7, 2025 /PRNewswire/ -- Montrose Environmental Group, Inc. (the "Company," "Montrose" or "MEG") (NYSE: MEG) is on a mission to help protect the air we breathe, the water we drink, and the soil that feeds us, and aims to enhance environmental stewardship and economic development.

Innovative PFAS treatment solutions support health and safety of residents LAS VEGAS , May 5, 2025 /PRNewswire/ -- Waste Expo, Las Vegas – Montrose Environmental Group (NYSE: MEG) is on a mission to help protect the air we breathe, the water we drink, and the soil that feeds us. The company's innovative PFAS treatment solutions have been deployed at Smith Creek Landfill in St. Clair County, Michigan and West Deptford Township, New Jersey.

Project supports rapidly growing global steel demand with scalable, sustainable solutions SYDNEY , April 23, 2025 /PRNewswire/ -- Montrose Environmental Group (NYSE: MEG) is on a mission to help protect the air we breathe, the water we drink, and the soil that feeds us to enhance environmental stewardship while supporting economic development. The company has been awarded a $4 million AUD contract to deliver comprehensive environmental services for a major mining operation in Australia's Bowen Basin—a key hub for metallurgical coal used in steel production.

LITTLE ROCK, Ark. , April 22, 2025 /PRNewswire/ -- Montrose Environmental Group, Inc. (the "Company," "Montrose" or "MEG") (NYSE: MEG) is on a mission to help protect the air we breathe, the water we drink, and the soil that feeds us, and aims to enhance environmental stewardship and economic development.

LITTLE ROCK, Ark. , April 14, 2025 /PRNewswire/ -- Montrose Environmental Group, Inc. (the "Company", "Montrose" or "MEG") (NYSE: MEG) is on a mission to help protect the air we breathe, the water we drink, and the soil that feeds us, and aims to enhance environmental stewardship and economic development.

LITTLE ROCK, Ark. , April 9, 2025 /PRNewswire/ -- Montrose Environmental Group, Inc. (the "Company", "Montrose" or "MEG") (NYSE: MEG) is on a mission to help protect the air we breathe, the water we drink, and the soil that feeds us, and aims to enhance environmental stewardship and economic development.

Recognized for Top Product Business & Infrastructure and three Top Project Environmental Impact LITTLE ROCK, Ark. , April 2, 2025 /PRNewswire/ -- Montrose Environmental Group (NYSE: MEG) is on a mission to help protect the air we breathe, the water we drink, and the soil that feeds us.