Canada’s Connacher Oil & Gas Drops After Three Executives Leave
Connacher Oil & Gas Ltd. (CLL) fell 24 percent after three top executives stepped down amid pressure to sell the oil and gas producer.
Connacher declined as much as 21 Canadian cents to 68 cents, the most since Dec. 13. The shares were down 17 percent at 11:34 a.m. in Toronto.
The company’s President and Chief Operating Officer Peter Sametz, Chief Financial Officer Richard Kines and Vice President of Corporate Development Grant Ukrainetz have left the Calgary- based company, according to a statement. Connacher also said it will suspend its effort to find a joint venture partner for its Great Divide oil sands project.
Connacher has received calls from shareholders Audley Capital Advisors LLP and West Face Capital Inc. to put itself up for sale or review strategic alternatives after its stock (CLL) lost more than three-quarters of its value over the past five years. The company rejected an “unsolicited, non-binding and conditional” offer last month.
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