CALGARY, Sept. 9, 2015 /CNW/ - Connacher Oil and Gas Limited (CLC - TSX; "Connacher" or the "Company") today announced that in accordance with the terms and conditions of the indenture dated May 8, 2015 relating to the issuance by Connacher of US$35 million of 12% convertible notes due 2018 (the "Notes"), it has elected to exercise its right to defer the cash payment of interest payable on September 30, 2015 upon all such Notes until December 31, 2015 (or such other interest payment date as Connacher may subsequently elect). As a consequence, no cash interest will be due or paid on the Notes on September 30, 2015 and US$1,225,000 will constitute Deferred Interest for the applicable extension period ending December 31, 2015.
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.
Brent de Jong Greg Pollard
Chairman and Interim Chief Executive Officer Chief Financial Officer
SOURCE Connacher Oil and Gas Limited
For further information: Connacher Oil and Gas Limited: Phone: (403) 538-6201, Fax: (403) 538-6225, Suite 900, 332 - 6th Avenue SW, Calgary, Alberta T2P 0B2, [email protected]