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  bitumen.  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  Contact  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  To view this news release in HTML formatting, please use the following URL:  CO: Connacher Oil and Gas Limited ST: Alberta NI: OIL