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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 C.E.O., 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 to confirm the
viability of its SAGD project (with an ultimate target of more than
200,000 barrels of daily production), has commenced production in its
pilot program, and has commenced the construction of the commercial
production and processing facilities.
