Connacher Provides Q2 2014 Operational and Capital Plan Updates, AGM Results and Conference Call Details

 Connacher Provides Q2 2014 Operational and Capital Plan Updates, AGM Results  and Conference Call Details  CALGARY, July 17, 2014 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX;  "Connacher" or the "Company") provides an operational update for the second  quarter 2014 ("Q2 2014"), a finalized 2014-2015 capital plan ("Capital Plan"),  AGM voting results and Q2 2014 conference call details.  Operational Update  Based on field estimates, Connacher's Great Divide production for Q2 2014  averaged 13,700 bbl/d. Production was two per cent higher than the prior  quarter (Q1 2014 - 13,433 bbl/d).  Pads 101 and 102 at Pod One were taken offline on July 3(rd) for approximately  one day to complete tie-ins for the 9 new infill wells. Steaming began on  infills 101-F9 and 101-F10 on July 7(th). These wells are expected to be on  production by August. The remaining wells will be brought on sequentially in  pairs and all of the new infill wells are expected to be on production in the  fourth quarter.  During the second quarter we achieved the lowest diluent blend ratio ("DBR")  in the history of Great Divide at 14.4%. The DBR averaged 20% for 2013 and 19%  for the first quarter of 2014.  Capital Plan  Following closing of the first lien financing in May 2014 the Company has  finalized its Capital Plan, excluding maintenance capital, at $113 million.  This includes the previously announced initial 2014 capital expenditures of  $50 million (nine new infill wells at Pod One). The remaining $63 million will  be spent primarily on the commercialization of the SAGD+® process at Algar to  be on stream in 2015 and the mini‐steam expansion project at Pod One, which  is expected to be implemented in 2015. Funding for the Capital Plan will come  from cashflow and proceeds from the first lien term loan facility.  Annual General Meeting  A total of 166,675,747 Common Shares or 37% of our issued and outstanding  Common Shares were voted in connection with the annual general meeting held on  May 15, 2014. Shareholders voted in favour of each item of business. Each  director nominee was elected by a substantial majority as follows:                                       For (%)         Withheld (%)     D. Hugh Bessell                 92.73                7.27     Christopher J. Bloomer          92.62                7.38     Gregory A. Boland               99.19                .81     Colin M. Evans                  92.55                7.45     Jennifer K. Kennedy             92.39                7.61     Garry P. Mihaichuk              92.60                7.40     Kelly J. Ogle                   98.53                1.47     Glen D. Roane                   98.60                1.40  Q2 2014 Conference Call Details  Connacher will host its quarterly conference call on August 14, 2014 at 8AM  MDT. Interested participants can call in to (888) 231-8191. Please use the  Conference ID# 64220765. Participants are encouraged to call in five minutes  prior to commencement.  About Connacher  Connacher is a Calgary-based in situ oil sands developer, producer and  marketer of bitumen. The Company holds a 100 per cent interest in  approximately 450 million barrels of proved and probable bitumen reserves and  operates two steam assisted gravity drainage 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 anticipated timing for bringing the infill wells on  production.  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, 2013. 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  To view this news release in HTML formatting, please use the following URL:  CO: Connacher Oil and Gas Limited ST: Alberta NI: OIL CONF ERN  
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