CALGARY, Oct. 1 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX) is pleased to announce the following appointments:
Mr. Cameron Todd has been promoted to the position of Senior Vice President, Operations. Cam will be responsible for all of Connacher's oil sands production operations, the company's refining and marketing activity and its health, safety and environment ("HSE") portfolio. He will continue to report to Mr. Peter D. Sametz, Executive Vice President and Chief Operating Officer. Cam is a Petroleum Engineer and has been with Connacher since May 2006. He has extensive experience in all aspects of crude oil and natural gas production and marketing and most recently was Vice President in charge of refining and marketing. With the prospect of a significant increase in Connacher's Great Divide oil sands production over the next several years, which in the near term includes completion of plant construction and steam-assisted gravity drainage ("SAGD") well pair drilling currently underway at Algar, Cam will be charged with achieving production optimization and operating efficiency in this key area of the company's activities.
Mr. Russ Longley, most recently Vice President, Operations, has been appointed Vice President, Refining and Conventional Operations. He will report to Mr. Todd and assume direct head office responsibility for Connacher's refining operations in Great Falls, Montana. He will continue to oversee Connacher's conventional crude oil and natural gas production. He is also a Professional Engineer and has been with the company since January 2007.
Mr. Merle Johnson has been appointed to the position of Vice President, Engineering and will report directly to Mr. Sametz. Also a Professional Engineer with extensive oil sands and heavy oil experience, Merle will assume responsibility for the company's production, drilling and reservoir engineering functions, with a primary emphasis on the management and development of Connacher's unconventional bitumen properties at Great Divide. He has been with Connacher since June 2007.
These appointments reflect the technical strength and depth within Connacher's production, operations and engineering staff, consistent with the complex nature of the company's SAGD operations at Great Divide and the company's defined goal of 50,000 barrels per day of bitumen production by 2015 as well as the ongoing importance of the company's conventional crude oil and natural gas production and refinery operations, which provide cash flow, credit capacity and on ongoing physical hedge against the underlying cost structure of oil sands operations.
Connacher is a Calgary-based crude oil and natural gas exploration and production company. Its principal asset is Great Divide oil sands operation in northeastern Alberta.
Connacher also owns a 9,500 bbl/d refinery in Great Falls, Montana and a significant 22 percent equity stake in Petrolifera Petroleum Limited ("PDP - TSX).
This news release contains certain "forward-looking information" within the meaning of applicable securities laws including information regarding the planned increase in oil sands production over the next several years, completion of plan construction and the drilling of SAGD well pairs at Algar and bitumen production goals for 2015. Forward-looking information is based on the opinions and estimates of management at the date the information is provided and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These risks include, but are not limited to risk associated with the oil and gas industry (e.g. operational risks in development, exploration and production delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, risks associated with obtaining, maintaining and the timing of receipt of regulatory approvals, permits and license and uncertainties relating to access to capital and credit markets. In certain circumstances the Corporation may curtail production, defer expenditures and/or modify its plans with respect to capital expenditures, which may impact yearend financial results. Additional risks and uncertainties are described in the Corporation's Annual Information Form which is filed on SEDAR at www.sedar.com. Due to the risks, uncertainties and assumptions inherent in forward looking information, prospective investors in the Corporation's securities should not place undue reliance on forward looking information. Forward looking information contained in this news release is made as of the date hereof and are subject to change. The Corporation assumes no obligation to revise or update forward looking information to reflect new circumstances, except as required by law.
SOURCE Connacher Oil and Gas Limited
For further information: For further information: Richard A. Gusella, President and Chief Executive Officer; OR Grant D. Ukrainetz, Vice President, Corporate Development, Phone: (403) 538-6201, Fax: (403) 538-6225, email@example.com, Website: www.connacheroil.com