CALGARY, Jan. 28, 2013 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX;
"Connacher" or the "Company") is pleased to announce that the borrowing base
under the Company's revolving credit facility with a syndicate of Canadian
lenders has been set at $ 95 million. The terms of the facility are otherwise
unchanged. There are no outstanding amounts owing other than approximately
$2.2 million in letters of credit.
The Company's 2013 capital program is well under way. At Algar, the re-drill
of the 202-1 well pair has been completed. The drilling rig has been moved to
Pod One, and has commenced the drilling of four new well pairs at Pad 104.
First steam is estimated to commence in the third quarter of 2013. Following
completion of drilling at Pad 104, it is currently anticipated that the rig
will be utilized to drill a minimum of two infill wells at Pod One.
Connacher Oil and Gas Limited is a single purpose Company active in the
development, production and sale of bitumen. The Company's principal assets
are holdings in the Great Divide oil sands project in northern Alberta, south
of Fort McMurray.
Forward Looking Information:
This press release contains forward looking information including expectations
regarding the commencement of first steam at Pad 104 and future drilling of
infill wells at Pod One.
Forward looking information is based on management's expectations regarding
the company's future financial position, the company's future growth, results
of operations and production, future commodity prices and foreign exchange
rates, future capital and other expenditures (including the amount, nature and
sources of funding thereof), plans for and results of drilling activity,
environmental matters, business prospects and opportunities and future
economic conditions. Forward looking information involves significant known
and unknown risks and uncertainties, which could cause actual results to
differ materially from those anticipated. These risks include, but are not
limited to: the risks associated with the oil and gas industry (e.g.,
operational risks in development, exploration and production; delays or
changes in plans with respect to exploration or development projects or
capital expenditures; the uncertainty of reserve and resource estimates, the
uncertainty of geological interpretations, the uncertainty of estimates and
projections relating to production, costs and expenses, and health, safety and
environmental risks), risk of commodity price and foreign exchange rate
fluctuations and risks associated with the impact of general economic
Additional risks and uncertainties affecting Connacher and its business and
affairs are described in further detail in Connacher's Annual Information Form
for the year ended December 31, 2011, which is available at www.sedar.com.
Although Connacher believes that the expectations in such forward looking
information are reasonable, there can be no assurance that such expectations
shall prove to be correct. The forward looking information included in this
press release is expressly qualified in its entirety by this cautionary
statement. The forward looking information included herein is made as of the
date of this press release and Connacher assumes no obligation to update or
revise any forward looking information to reflect new events or circumstances,
except as required by law.
Kelly J. Ogle or Greg Pollard Phone: 403.538.6201 email@example.com
SOURCE: Connacher Oil and Gas Limited
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