Connacher Announces 2014 Initial Capital Plan

CALGARY, Jan. 29, 2014 /CNW/ - Connacher Oil and Gas Limited (TSX:CLL) 
("Connacher" or the "Company") announces its initial capital plan for 2014. 
With the completion of its 2013 capital plan and the successful results from 
new in-fill and SAGD wells the Company has committed to a near term capital 
plan aimed at increasing production and advancing the commercial SAGD+® 
process and mini-steam expansion projects. The initial 2014 capital plan is 
estimated to be up to $50 million. It is anticipated that the Company will 
drill up to 9 new in-fill wells at Pod One. Up-front engineering work would 
also continue on the commercial SAGD+® process project at Algar and the 
mini-steam expansion at Pod One and the ordering of long-lead items would 
begin. Funding for the initial capital plan will come from cashflow and, as 
necessary, the Revolving Credit Facility and first lien capability. 
Based upon field estimates, production from Great Divide for January to date 
is 13,800 bbl/day. 
About Connacher 
Connacher is a Calgary-based in-situ oil sands developer, producer and 
marketer of bitumen. The Company holds a 100 percent interest in approximately 
500 million barrels of proved and probable bitumen reserves and operates two 
steam assisted gravity drainage ("SAGD") facilities located on the Company's 
Great Divide oil sands leases near Fort McMurray, Alberta. 
Forward Looking Information 
This press release contains forward looking information including expectations 
for the timing of drilling new in-fill wells, the advancement of the 
commercial SAGD+® process and the availability of financing. 
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, risks associated with the impact of general economic conditions, 
risks and uncertainties associated with maintaining the necessary regulatory 
approvals and securing the financing to proceed with the operation and 
continued expansion of the Great Divide oil sands project. 
In addition, reported average production levels may not be reflective of 
sustainable production rates and future production rates may differ materially 
from the production rates reflected in this press release due to, among other 
factors, difficulties or interruptions encountered during the production of 
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, 2012. 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.

SOURCE  Connacher Oil and Gas Limited 
Chris Bloomer Chief Executive Officer 
Greg Pollard Chief Financial Officer  Connacher Oil and Gas Limited Phone: 
(403) 538-6201 Fax: (403) 538-6225 Suite 900, 332 - 6th Avenue SW Calgary, 
Alberta T2P 0B2 
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CO: Connacher Oil and Gas Limited
ST: Alberta
-0- Jan/29/2014 12:00 GMT
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