MEG Energy Corp. released its 2013 capital budget and production guidance, which includes planned capital investment of approximately $1.9 billion (including $90 million deferred from previously planned 2012 investments) and a production target of 32,000 to 35,000 barrels per day (bpd). Goals for 2013 include:

• Focus on the RISER initiative to deliver high return, near-term production growth which, in turn, advances cash flow to support the company's significant growth plans; • Production growth of 20% from projected 2012 volumes and a targeted exit rate of 37,000 to 43,000 bpd; • Improved efficiency driving non-energy costs to $9-$11 per barrel, a 10% reduction from 2012 guidance; • Completion, on budget, of the Christina Lake 2B project in the second half of 2013; • Completion of the Stonefell Terminal and advancement of the Access Pipeline expansion to support accelerated production growth, mitigate differentials and enhance netbacks through improved market access.

"I am very excited about the coming year. All the work we have focused on has positioned us to take giant steps forward in 2013 through 2015," said Bill McCaffrey, President and Chief Executive Officer. "RISER, Christina Lake Phase 2B, Stonefell and our strategy to increase market access are on track, becoming a reality in 2013."

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