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home / news releases / MEGEF - MEG Energy - brink of bankruptcy to buyback in record time

MEGEF - MEG Energy - brink of bankruptcy to buyback in record time

Meg Energy Corp
No company personifies the turnaround in energy markets quite like MEG Energy (OTCPK:MEGEF); Thursday the company kicked off its share buyback program with the purchase of 4.3m shares. The company had announced approval of the buyback during Q1 results, with the TSE authorizing the repurchase of 10% of shares outstanding. Following the Saudi / Russia oil price war (USO) in 2020, MEG (OTCPK:MEGEF) shares traded down to 88c; Tuesday, the stock traded for over $17 / share. The company posted record cash flow in Q1, generating C$499m in free cash flow during the quarter, (~10% of market cap); in all likelihood Q2 results will significantly exceed Q1, as the sector and MEG Energy (OTCPK:MEGEF) prepare for what are sure to be remarkable earnings.

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MEG Energy - brink of bankruptcy to buyback in record time
Stock Information
Company Name: Meg Energy Corp
Stock Symbol: MEGEF
Market: OTC
Website: megenergy.com
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