CALGARY, Oct. 15, 2014 /CNW/ - Connacher Oil and Gas Limited (CLL – TSX; "Connacher" or the "Company") provides an operational update for the third quarter 2014 ("Q3 2014") and Q3 2014 conference call details.
Based on field estimates, Connacher's Great Divide production for Q3 2014 averaged 14,100 bbl/d. Production has increased in each quarter of 2014 and Q3 2014 was 20 per cent higher than the prior year's third quarter (Q3 2013 - 11,788 bbl/d).
Five of nine new infill wells were brought on production in Q3 2014, as a result, Pod One production for the month of September, based on field estimates, averaged above 9,000 bbl/d for the first time. Currently the facility inlet at Pod One is at its maximum emulsion handling capacity. During the Q2 2015 turnaround at Pod One, the inlet emulsion capacity will be increased and the mini-steam expansion project tie-ins will be completed. A turnaround is also planned at Algar in Q2 2015, which will include the tie-ins for the SAGD+®process commercial project.
Q3 2014 Conference Call Details
Connacher will host its quarterly conference call on November 14, 2014 at 8AM MST. Participants can call in to (888) 231-8191. Please use the Conference ID# 17099863. Participants are encouraged to call in five minutes prior to commencement. An audio webcast of the conference call will also be available through the Company's website, or through the following link:
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 450 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
This press release contains forward looking information; including, expectations for the anticipated timing for bringing the infill wells on production, and expectations regarding the funding and completion of capital projects.
Forward looking information is based on management's expectations regarding the Company's future financial position, the Company's future growth, results of operations and production, future commodity prices and foreign exchange rates, future capital and other expenditures (including the amount, nature and sources of funding thereof), plans for and results of drilling activity, environmental matters, business prospects and opportunities and future economic conditions. Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks 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 and resource estimates, the uncertainty of geological interpretations, the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), risk of commodity price and foreign exchange rate fluctuations, risks associated with the impact of general economic conditions, risks and uncertainties associated with maintaining the necessary regulatory approvals and securing the financing to proceed with the operation and continued expansion of the Great Divide oil sands project.
In addition, reported average production levels may not be reflective of sustainable production rates and future production rates may differ materially from the production rates reflected in this press release due to, among other factors, difficulties or interruptions encountered during the production of bitumen.
Additional risks and uncertainties affecting Connacher and its business and affairs are described in further detail in Connacher's Annual Information Form for the year ended December 31, 2013. Although Connacher believes that the expectations in such forward looking information are reasonable, there can be no assurance that such expectations shall prove to be correct. The forward looking information included in this press release is expressly qualified in its entirety by this cautionary statement. The forward looking information included herein is made as of the date of this press release and Connacher assumes no obligation to update or revise any forward looking information to reflect new events or circumstances, except as required by law.
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, [email protected], www.connacheroil.com