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 
inquiries@connacheroil.com www.connacheroil.com 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/July2014/17/c7981.html 
CO: Connacher Oil and Gas Limited
ST: Alberta
NI: OIL CONF ERN  
-0- Jul/17/2014 11:00 GMT
 
 
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