Connacher Announces Closing of the Sale of its Battrum Properties in Southwestern Saskatchewan

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 South America.  

SOURCE Connacher Oil and Gas Limited

For further information:

Richard A. Gusella
Chairman and Chief Executive Officer

OR
Peter D. Sametz
President and Chief Operating Officer

OR
Grant D. Ukrainetz
Vice President, Corporate Development

Phone:  (403) 538-6201    
inquiries@connacheroil.com      
Fax:  (403) 538-6225
Website:  connacheroil.com


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