CALGARY, Feb. 15 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX)
announced today the closing of its previously-announced Battrum
property sale for $57.5 million, prior to normal closing adjustments.
The effective date of the sale was January 1, 2011. Proceeds from the
sale of the Battrum properties were added to Connacher's cash balances
and working capital, thereby reducing net debt.
Connacher Oil and Gas Limited is a Calgary-based crude oil, natural gas
and bitumen exploration, development and production company. Our
principal assets are located in the oil sands at Great Divide, Alberta,
where we operate two steam assisted gravity drainage ("SAGD") plants
for the production of bitumen and sale of diluted bitumen or dilbit.
We also own conventional crude oil and natural gas production at Marten
Creek, Latornell, Randall, Gilby and Three Hills, all in Alberta. We
own and operate a profitable 9,500 bbl/d heavy oil refinery at Great
Falls, Montana and own approximately 19 percent of Petrolifera
Petroleum Limited, a public crude oil and natural gas company active in
SOURCE Connacher Oil and Gas Limited
For further information:
Richard A. Gusella
Chairman and Chief Executive Officer
Peter D. Sametz
President and Chief Operating Officer
Grant D. Ukrainetz
Vice President, Corporate Development