The changes came as MEG announced a base capital budget of $200 million for this year.
The company cited production cuts for the oil industry mandated by the Alberta government.
MEG says the offer “significantly undervalues” its shares and is not in the best interests of the company.
Access problem has affected the company, which produced 90,000 bpd from its steam-driven facilities.
Fires south of Fort McMurray also closed Cenovus and CNRL sites over the weekend.