On June 24, 2022, MEG Energy Corp. amended and restated its revolving credit facility (the Revolving Credit Facility) and its letters of credit facility guaranteed by Export Development Canada (the EDC Facility) and extended the maturity date of each facility by 2.3 years to October 31, 2026. Total credit available under the two facilities was reduced from $1.3 billion to $1.2 billion and is comprised of $600 million under the Revolving Credit Facility and $600 million under the EDC Facility.

The Revolving Credit Facility retains its modified covenant-lite structure, meaning it continues to contain no financial maintenance covenant unless MEG is drawn under the Revolving Credit Facility in excess of 50%. If drawn in excess of 50%, or $300 million, under the Revolving Credit Facility MEG is required to maintain a first lien net debt to last twelve month EBITDA ratio of 3.50 or less. MEG continues to have no first lien debt outstanding.