Connacher exercises Petrolifera warrants

    CALGARY, April 30 /CNW/ - Connacher Oil and Gas Limited (CLL-TSX)
announces that it has exercised 1,714,286, $3.00 share purchase warrants of
Petrolifera Petroleum Limited ("Petrolifera"), which warrants are scheduled to
expire on May 8, 2007. As a result, Connacher thereby acquired a like number
of Petrolifera common shares, upon the payment of $5,142,858.00, which sum was
paid to Petrolifera on April 27, 2007. As a result, Connacher now owns
13,142,858 common shares of Petrolifera which have a current market value of
approximately $225 million.
    Connacher also owns an option to acquire an additional 200,000 common
shares of Petrolifera at a price of $0.50 per share until February 1, 2010.
Connacher owns a 26 percent equity interest (basic and fully-diluted) in
Petrolifera Petroleum Limited.

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,, Website:

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