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MEG Energy Stage: Venture Date of Investment: 2004 Web Site : http://www.megenergy.com
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Calgary-based MEG Energy is a privately-held oil exploration and production company focused on developing oil sands in the Athabasca region of northern Alberta, Canada. MEG is led by a seasoned management and technical team with extensive experience developing commercial oil sands projects in Alberta. Bill McCaffrey, MEG’s CEO, was the project manager of the Amoco’s Primrose project, one of the first commercial in-situ oil sands projects in Canada. MEG is developing acreage in the Athabasca fairway using the Steam Assisted Gravity Drainage (SAGD) process. Warburg Pincus led three rounds of equity financing from 2004 - 2006, becoming MEG’s largest shareholder. The company has completed four years of core hole drilling and has commenced SAGD production at its pilot program. MEG expects to reach commercial-scale production of 25,000 barrels per day during 2010, with an ultimate production target of more than 200,000 barrels per day.
