MEG Energy  MEG Energy is a pure play Canadian oil sands producer engaged in exploration in Northern Alberta. All of its oil reserves are more than below the surface and so they depend on steam-assisted gravity drainage and associated technology to produce (heavy bitumen must first be brought to the surface). The company's main thermal project is Christina Lake. 85-megawatt cogeneration plants are used to produce the steam used in SAGD which is required to bring bitumen to the surface. The excess heat and electricity produced at its plants is then sold to Alberta's power grid. Its proven reserves have been independently pegged at and probable reserves (also called recoverable resource) (by engineering firm GLJ Petroleum Consultants Ltd ); That's significant considering only of the of bitumen in Alberta is considered recoverable under current technology. The value of those reserves is over $19.8 billion. CNOOC has a minority 16.69% interest in MEG Energy. Within nine months of going public it reached large cap company status after a small cap ipo. As recently as 2007 it was a junior oil company. MEG Energy was founded in 1999 as McCaffrey Energy Group Inc by CEO and President Bill McCaffrey, Director and Corporate Secretary David Wizinsky and former Director Steve Turner. It went public with an IPO of $660 million in August 2010. At the time it was considered a $9.7 billion equity cap company. The Christina Lake project first received approval from the government in 2008, it was one of six oil megaprojects in Canada that year. April 14, 2005 - CNOOC Ltd, China's 3rd biggest oil and natural gas company purchased a 16.69% interest in MEG Energy for $C150 million (13.6 million common shares). In 2012 bitumen production averaged 28,773 bpd, +2,168 bpd versus the previous year. By the second quarter of 2013 average production had reached 32,144 bpd, +1,715 bdp. Also up is the realized oil price per barrel: $53.98 vs $45.59. MEG's interest in Christina Lake includes 80 blocks/sections. It is a three phase project that was operating at 12.4% (26,000 bbls/d) of total expected production capacity at the end of 2010. Since 2009 the first two phases were producing, albeit at a low level because construction of phase 2B (design capacity 40% larger than phase 1 and 2A combined) didn't begin until 2011.