Connacher Oil and Gas Discloses President and CEO's Involuntary Share Sale



    CALGARY, Oct. 13 /CNW/ - Connacher Oil and Gas limited (CLL - TSX) today
disclosed that its President and Chief Executive Officer, Richard A. Gusella,
involuntarily sold a significant percentage of his common share holding in
Connacher Oil and Gas Limited since October 6, 2008 in order to meet margin
loan calls.
    Mr. Gusella has advised the company's Board that he is "very disappointed
to have been required to sell any shares of Connacher involuntarily but the
sales were obviously triggered by the unprecedented deterioration in capital
markets triggered by the worldwide credit and ensuing financial crisis. I have
been a substantial individual shareholder of Connacher since joining the
company in 2001 and have recently and consistently added to my shareholding
position through the purchase of new issues, exercise of options and in the
open market. My confidence in Connacher and its outlook remains undiminished
and I anticipate adding to my holdings as circumstances permit in the future."

    Connacher Oil and Gas Limited is a Calgary-based oil and natural gas
exploration, development and production company. Its principal asset is its
Great Divide oil sands properties, including its productive Pod One.
Conventional assets in Canada, a refinery in Great Falls, Montana and an
equity stake in Petrolifera Petroleum Limited (PDP-TSX) are also owned by the
company.






For further information:

For further information: www.connacheroil.com,
inquiries@connacheroil.com, (403) 538-6201


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890