Cenovus Energy Inc. has announced a second amendment to their agreement to acquire MEG Energy Corp., securing the support of Strathcona Resources.
On Oct. 27, Cenovus increased its offer for MEG energy to $30 in cash per MEG share or 1.255 Cenovus common shares per MEG share.
Strathcona says it will be voting its 36,100,000 common shares of MEG in favour of the Cenovus deal.
In a news release, Strathcona announced the purchase of the Vawn thermal project and certain undeveloped thermal lands at Lindbergh, Plover Lake and Glenbogie from Cenovus.
The purchase of the thermal project will see Strathcona pay an initial $75 million and up to $75 million, depending on future oil prices.
Production from the Vawn asset has averaged 5,000 barrels per day to date in 2025. The closing of the asset sale transaction is expected in the fourth quarter of 2025.
The special meeting of MEG shareholders to vote for the Cenovus transaction remains scheduled for Oct. 30 at 9 a.m.
Read more: Cenovus Energy to acquire MEG Energy
