Connacher's Algar project advancing to Alberta Cabinet for final approval

    CALGARY, Oct. 1 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX) reports
that it has been advised verbally that the Energy Resources and Conservation
Board ("ERCB") is advancing Connacher's June 19, 2007 application for it's
second 10,000 bbl/d steam-assisted gravity drainage ("SAGD") project, Algar,
at Great Divide to the Cabinet of the Government of Alberta ("Cabinet") for
final approval, which is only evidenced by the issuance of an Order-in-Council
by Cabinet.
    At this time the timeline for receipt of the Order-in-Council remains
indeterminate but it is anticipated to occur during October 2008. Upon receipt
of such approval, Connacher is prepared to immediately commence field
construction at Algar and this would enable Connacher to remain on its
previously disclosed schedule.
    As has been previously communicated, funding for Algar was previously
arranged by Connacher and the company's objective is to commence production
from Algar by approximately year end 2009.

    Forward-Looking Information:

    This press release contains "forward-looking information" including: the
anticipated approval of the Algar project as evidenced by the issuance of an
Order-in-Council from the Cabinet and the proposed timeline for construction
of and initial production from Algar. Forward-looking information is
frequently characterized by words such as "plan", expect", "project",
"intend", "believe", "anticipate", estimate", "may", "will", "could",
"potential", "proposed" and other similar words, or statements that certain
events or conditions "may" or "will" occur. These statements are only
predictions. Forward-looking information is based on the opinions and
estimates of management at the date the statements are made, and are 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 statements. These factors include the inherent risks involved
in the exploration and development of oil sands properties, difficulties or
delays during construction and in start-up operations, the uncertainties
involved in interpreting drilling results and other geological data,
fluctuating oil prices, the possibility of unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing needed in
the future and other factors including unforeseen delays. As an oil sands
enterprise in the development stage, Connacher faces risks including those
associated with exploration, development, construction, start-up, approvals
and the continuing ability to access sufficient capital from external sources
if required. For a description of the risks and uncertainties facing Connacher
and its business and affairs, readers should refer to Connacher's Annual
Information Form for the year ended December 31, 2007, which is available at Connacher undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions should
change, unless required by law. Due to the risks and uncertainties inherent in
forward-looking information, the reader is cautioned not to place undue
reliance on this forward-looking information.

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,, Website:

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