PRESS RELEASE January 12, 2012
Connacher Announces Management Change
Calgary, Alberta - Connacher Oil and Gas Limited (CLL-TSX)
today announced that effective immediately, Richard A Gusella
relinquished his positions as Chairman, Chief Executive
Officer, President and Interim Chief Operating Officer of the
company. In addition, Mr. Gusella is no longer a director of
Connacher. Connacher wishes to thank Mr. Gusella for his
significant contributions to the company's growth and
development over the past 11 years and wishes him the very
best in his future endeavours.
Effective immediately and on an interim basis, Colin M. Evans
and Kelly J. Ogle, both currently directors of Connacher,
have been appointed co-Managing Directors of Connacher. Mr.
Evans is presently the Lead Director of Connacher and is the
President of Evans & Co. Inc., a private consulting
corporation providing financial and operating advisory
services to oil and gas corporations. Mr. Ogle is the
President and Chief Executive Officer of Trafina Energy Ltd.,
an oil and gas corporation listed on the TSX Venture
Exchange. Messrs. Evans and Ogle will oversee the day to day
operations of Connacher. The company continues to experience
strong financial results and is focused on maintaining
financial flexibility and execution of its conservative $37
million capital program for 2012.
Connacher is a Calgary-based energy company with an integrated strategy. Its primary asset is its 100 percent ownership of bitumen reserves and production from two steam-assisted gravity drainage ("SAGD") projects, Pod One and Algar, at its Great Divide oil sands lease block in northeastern Alberta. Connacher owns conventional reserves, undeveloped land and production in central Alberta and also owns and operates a profitable 9,500 bbl/d heavy crude oil refinery in Great Falls, Montana.
For further information, please contact:Colin M. Evans or Kelly J. Ogle Phone: 403 538-6201 inquiries@connacheroil.com connacheroil.com
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