CALGARY, April 23, 2018 /CNW/ - MEG Energy Corp. (TSX:MEG) ("MEG" or the "Company") reports that after 19 years, Bill McCaffrey will be retiring from his role as President & Chief Executive Officer as well as from the Board of Directors following the company's Annual General Meeting on May 31, 2018.
Harvey Doerr, a member of MEG's Board of Directors, will act as interim CEO during the search process for a permanent replacement. Bill has agreed to act as an advisor to the corporation.
"We've seen the company grow from a concept to having significant resources in the ground and a technology leader with production capacity approaching 100,000 barrels per day," said Bill McCaffrey, President & CEO. "Since the decline in crude oil commodity prices in late 2014, we've worked hard at reinventing ourselves to be successful in this new environment. I'm happy to say the transformation has taken place and our path forward has never been more clear."
Since co-founding MEG, Bill has won numerous accolades on behalf of the company including Canadian Dealmakers IPO of the Year, Oilsands Review Producer of the Year, Ernst & Young Entrepreneur of the Year, and C-Suite Energy Executive Awards CEO of the Year.
"With the work complete in terms of setting the company on a new path, I think it's the right time for me to retire," said McCaffrey. "While I will deeply miss the people that have made the company great, I am looking forward to spending time with my family. However, I do so knowing that the path forward is clear and I'm confident that our employees will get us there with the guidance of our Board of Directors and senior management."
"We can't thank Bill enough," said Jeff McCaig, MEG's Chairman of the Board. "Bill started MEG with an entrepreneurial spirit that still exists at the company to this day. He led the company from a small start-up to an intermediate oil sands producer and his forward-thinking ability allowed MEG to effectively manage the ups and downs of commodity price cycles. We are all the benefactors of Bill's vision and hard work and on behalf of the board and employees of MEG Energy, I would like to wish him a well-deserved, long and happy retirement."
About MEG Energy Corp.
MEG Energy Corp. is focused on sustainable in situ oil sands development and production in the southern Athabasca oil sands region of Alberta, Canada. MEG is actively developing enhanced oil recovery projects that utilize SAGD extraction methods. MEG's common shares are listed on the Toronto Stock Exchange under the symbol "MEG".
This document may contain forward-looking information including but not limited to: expectations of future production, revenues, expenses, cash flow, operating costs, steam-oil ratios, pricing differentials, reliability, profitability and capital investments; estimates of reserves and resources; anticipated reductions in operating costs as a result of optimization and scalability of certain operations; and anticipated sources of funding for operations and capital investments. Such forward-looking information is based on management's expectations and assumptions regarding future growth, results of operations, production, future capital and other expenditures, plans for and results of drilling activity, environmental matters, and business prospects and opportunities.
By its nature, such forward-looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks associated with the oil and gas industry, for example, results securing access to markets and transportation infrastructure; availability of capacity on the electricity transmission grid; uncertainty of reserve and resource estimates; uncertainty associated with estimates and projections relating to production, costs and revenues; health, safety and environmental risks; risks of legislative and regulatory changes to, amongst other things, tax, land use, royalty and environmental laws; assumptions regarding and the volatility of commodity prices, interest rates and foreign exchange rates, and, risks and uncertainties related to commodity price, interest rate and foreign exchange rate swap contracts and/or derivative financial instruments that MEG may enter into from time to time to manage its risk related to such prices and rates; risks and uncertainties associated with securing and maintaining the necessary regulatory approvals and financing to proceed with MEG's future phases and the expansion and/or operation of MEG's projects; risks and uncertainties related to the timing of completion, commissioning, and start-up, of MEG's future phases, expansions and projects; the operational risks and delays in the development, exploration, production, and the capacities and performance associated with MEG's projects; and uncertainties arising in connection with any future disposition of assets.
Although MEG believes that the assumptions used in such forward-looking information are reasonable, there can be no assurance that such assumptions will be correct. Accordingly, readers are cautioned that the actual results achieved may vary from the forward-looking information provided herein and that the variations may be material. Readers are also cautioned that the foregoing list of assumptions, risks and factors is not exhaustive.
Further information regarding the assumptions and risks inherent in the making of forward-looking statements can be found in MEG's most recently filed Annual Information Form ("AIF"), along with MEG's other public disclosure documents. Copies of the AIF and MEG's other public disclosure documents are available through the SEDAR website which is available at www.sedar.com.
The forward-looking information included in this document is expressly qualified in its entirety by the foregoing cautionary statements. Unless otherwise stated, the forward-looking information included in this document is made as of the date of this document and MEG assumes no obligation to update or revise any forward-looking information to reflect new events or circumstances, except as required by law.
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SOURCE MEG Energy Corp.