CALGARY, Feb. 4 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX)
announces today the appointment of Mr. Scott Carrothers as Treasurer. Mr.
Carrothers replaces Grant Ukrainetz who was promoted to Vice President,
Corporate Development in December 2007. Mr. Carrothers will be based at
Connacher's head office in Calgary, Alberta and will report to Mr. Richard
Kines, Vice President, Finance and Chief Financial Officer.
Mr. Carrothers has been employed in the energy industry for over 20 years
with private as well as senior and medium sized public companies. He has
worked in the oil sands, conventional upstream, midstream and refining
sectors. He has extensive experience in the areas of treasury management,
capital markets financings, bank financings, structured finance, mergers,
acquisitions and divestitures.
Mr. Carrothers holds a Masters of Business Administration in Finance from
the Ivey School of Business, University of Western Ontario and a Bachelor of
Science in Engineering from the University of New Brunswick. He is also a
Certified Financial Analyst and a Professional Engineer.
Connacher Oil and Gas Limited is a Calgary-based integrated oil company
engaged in oil sands development activity, conventional crude oil and natural
gas exploration, development and production and refining and marketing
activity at its Great Falls, Montana refinery. The company's principal asset
is its extensive holdings in the Great Divide region of Alberta's oil sands,
where it's initial 10,000 bbl/d project at Pod One has recently commenced
production. A second 10,000 bbl/d project at Algar is presently before the
regulators for approval. The company recently arranged $852 million of new
financing, comprised of US$600 million of long-term debt, a $200 million five
year revolving credit facility and $52 million of flow-through common equity.
This, along with Connacher's growing cash flow, will enable the company to
conduct a firm and contingent capital program in 2008 approaching
$375 million, including approximately 120 new core holes at its Great Divide
oil sands project, which is anticipated to further expand Connacher's
recoverable reserve and resource base in the region. Subject to regulatory
approval to proceed, funds required to fully construct Algar or Pod Two at
Great Divide are also now in place.
For further information:
For further information: Richard A Gusella, President and Chief
Executive Officer, Connacher Oil and Gas Limited, Phone: (403) 538-6201, Fax:
(403) 538-6225, email@example.com, Website: www.connacheroil.com