Connacher Oil and Gas Obtains Interim Court Order

CALGARY, Feb. 20, 2015 /CNW/ - On January 30, 2015 Connacher Oil and Gas Limited (CLL – TSX; "Connacher" or the "Company") announced a proposed recapitalization transaction (the "Recapitalization") aimed at significantly reducing the Company's debt and annual interest expense, and providing additional liquidity to fund ongoing operations. This Recapitalization has the committed support of holders of existing second lien secured notes (the "Existing Second Lien Notes") holding, on a combined basis, approximately 70% of the Existing Second Lien Notes and approximately 13% of the outstanding common shares.

Connacher obtained an interim order of the Court of Queen's Bench of Alberta yesterday with respect to the Recapitalization that, among other things, authorizes the Company to convene meetings of the shareholders and noteholders to be held in April to consider and approve the Recapitalization and other matters. A management information circular, setting out the details of the Recapitalization and the matters to be considered by the shareholders and noteholders, will be mailed in early March to security holders and posted on SEDAR prior to the meetings.

About Connacher

Connacher is a Calgary-based in-situ oil sands developer, producer and marketer of bitumen. The Company holds a 100 per cent interest in approximately 440 million barrels of proved and probable bitumen reserves and operates two steam assisted gravity drainage facilities located on the Company's Great Divide oil sands leases near Fort McMurray, Alberta.

Forward-Looking Information

Certain information regarding the Company contained herein constitutes forward-looking information and forward-looking statements (collectively, "forward-looking statements") under the meaning of applicable securities laws.  Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections, guidance, or other statements that are not statements of fact, including statements regarding the proposed Recapitalization and the timing of the proposed shareholder and noteholder meetings. Although Connacher believes that the assumptions underlying, and expectations reflected in, such forward-looking statements are reasonable, it can give no assurance that such assumptions and expectations will prove to have been correct. There are many factors that could cause forward-looking statements not to be correct, including, but not limited to, risks and uncertainties inherent in the Company's business and risks and uncertainties associated with securing the necessary approvals to implement the Recapitalization.

The forward-looking statements contained herein are made as of the date of this news release solely for the purpose of generally disclosing the status of Connacher's Recapitalization transaction. Connacher may, as considered necessary in the circumstances, update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise, but Connacher does not undertake to update this information at any particular time, except as required by law. Connacher cautions readers that the forward-looking statements may not be appropriate for purposes other than their intended purposes and that undue reliance should not be placed on any forward-looking statement. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

SOURCE Connacher Oil and Gas Limited

For further information: Chris Bloomer, Chief Executive Officer; Greg Pollard, Chief Financial Officer; Connacher Oil and Gas Limited, Phone: (403) 538-6201, Fax: (403) 538-6225, Suite 900, 332 - 6th Avenue SW, Calgary, Alberta T2P 0B2, inquiries@connacheroil.com, www.connacheroil.com

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http://www.connacheroil.com

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