Derek Evans is the new CEO of MEG Energy

Derek Evan, who most recently was CEO of Pengrowth, is the new president and chief executive of MEG Energy. Image: Pengrowth

MEG Energy Corp. announced Wednesday that its board of directors has unanimously appointed Derek Evans to the position of president and CEO, effective immediately.

Evans has over 35 years of experience in the Canadian oil and gas business, including nine years as the CEO of Pengrowth Energy and six years as the CEO of Focus Energy Trust.

“The board conducted an exhaustive search with the assistance of an executive recruitment firm, and everyone involved determined that Derek best exemplified the qualities we were seeking among a number of highly qualified candidates," said Jeffrey McCaig, chairman of MEG. "Derek's initial focus will be the successful completion of Vision 20/20. In connection to achieving this goal, he will be focused on further strengthening the balance sheet, improving efficiencies and delivering value to our shareholders, as we refine the company's long-term strategy.”

Evans succeeds Interim CEO Harvey Doerr, who will return to his role as an independent director of MEG.

“I am excited to take on the leadership of MEG at this pivotal moment in the company's history. MEG has a world-class resource base and a team that is known for its technological innovation and best-in-class execution," said Evans. "After extensive study and interaction with the board, I am convinced that the implementation of MEG's Vision 20/20 strategic plan, which will take production to 113,000 barrels per day, sets the company on a path to significant free cash flow generation while continuing its focus on capital discipline and driving lower overall costs.”