Connacher Oil&Gas : Update Regarding Strategic Process
04/27/2012| 10:50am US/Eastern
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PRESS RELEASE April 27, 2012
Update Regarding Strategic Process
Calgary, Alberta - Connacher Oil and Gas Limited (CLL - TSX;
"Connacher" or the "Company") previously advised that its
Board of Directors has initiated a process to review the
Company's business plans and review strategic options.
Goldman Sachs and RBC Capital Markets have been engaged to
assist the Board of Directors in connection with this
strategic review.
Connacher will be issuing its 2012 first quarter results, as
is normal, on May 15, 2012, following its regularly
scheduled
Board meeting. Preliminary data indicates that financial
results will show improvement over the comparable period
for
2011 and that production is within previously issued
guidance. Connacher continues to expand its "dilbit by rail"
strategy and leased railcar fleet in order to take advantage
of excellent pricing (after transportation costs) for diluted
bitumen railed to refineries on the Gulf Coast which are
currently not accessible by pipeline. Pricing for diluted
bitumen is quite volatile dependent on where in North America
it is being purchased. This dilbit by rail strategy allows
Connacher to mitigate this volatility to a considerable
degree and provide additional options to its normal
Alberta
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