CALGARY, Jan. 28, 2013 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX;
"Connacher" or the "Company") is pleased to announce that the borrowing
base under the Company's revolving credit facility with a syndicate of
Canadian lenders has been set at $ 95 million. The terms of the
facility are otherwise unchanged. There are no outstanding amounts
owing other than approximately $2.2 million in letters of credit.
The Company's 2013 capital program is well under way. At Algar, the
re-drill of the 202-1 well pair has been completed. The drilling rig
has been moved to Pod One, and has commenced the drilling of four new
well pairs at Pad 104. First steam is estimated to commence in the
third quarter of 2013. Following completion of drilling at Pad 104, it
is currently anticipated that the rig will be utilized to drill a
minimum of two infill wells at Pod One.
Connacher Oil and Gas Limited is a single purpose Company active in the
development, production and sale of bitumen. The Company's principal
assets are holdings in the Great Divide oil sands project in northern
Alberta, south of Fort McMurray.
Forward Looking Information:
This press release contains forward looking information including
expectations regarding the commencement of first steam at Pad 104 and
future drilling of infill wells at Pod One.
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 and risks associated with the impact of
general economic conditions.
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, 2011, which is
available at www.sedar.com. 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
For further information:
Kelly J. Ogle or Greg Pollard