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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: architect* who wrote (18356)	11/29/2011 9:24:38 AM
From: Cal Gary	Respond to of 24921

Connacher Oil increases cash balance to $120.3-million 2011-11-28 07:07 MT - News Release Mr. Richard Gusella reports CONNACHER INCREASES CASH BALANCES TO $120.3 MILLION ON SALE OF LATORNELL PROPERTIES AND GRAN TIERRA SHARES Connacher Oil and Gas Ltd. has increased its cash balances to $120.3-million as of the close of business on Friday, Nov. 25, 2011, principally as a result of the successful sale of its Latornell properties and its shares of Gran Tierra Energy Inc. "With our increased cash balances and liquidity-raising initiatives, we remain confident that we will meet all of our 2012 financial obligations, including the repayment of $100-million in convertible debentures due in June, 2012," said Richard Gusella, chairman and chief executive officer. "Without diluting our existing shareholders we can reduce debt, deal with any adversities that might arise from weak general economic conditions, and properly maintain our valuable oil sands, conventional and refining assets. "Connacher also continues to advance two other liquidity-raising initiatives -- a joint venture or sell down of our Great Divide oil sands project in Alberta, and a farm-out or sell down of our conventional crude oil and natural gas properties at Twining and Penhold, Alta.," added Mr. Gusella. "On conclusion, which we anticipate will now occur next year, these initiatives could result in further debt reduction and an acceleration of growth activities on our assets." Cash balance update The latest cash balance represents an increase of $38.6-million, or 47 per cent, compared with the company's cash balances of $81.7-million at Sept. 30, 2011. The increase in overall cash balances also includes a contribution from the company's operations since Sept. 30, 2011. The contribution is partially attributable to stronger crude oil and bitumen prices so far in the fourth quarter of 2011, compared with the most recent quarter. Latornell and GTE update Connacher's Latornell properties were largely undeveloped lands situated in the Deep basin of northwestern Alberta. Sayer Securities assisted Connacher in the transactions, which were conducted by way of an auction process. Connacher sold its entire shareholding in Toronto Stock Exchange-listed Gran Tierra in a series of market transactions. These shares were received by Connacher in early 2011 when Petrolifera Petroleum Ltd. was sold to Gran Tierra. We seek Safe Harbor.

To: architect* who wrote (18356)	11/29/2011 3:47:51 PM
From: Cal Gary	Read Replies (2) \| Respond to of 24921

Well I am now joining you and Paul Sr in CZE. Thanks again for all the DD you post. Here I was looking for a crude based company getting paid in brent and ending up buying again in Colombia. 64 mm shares outstanding and I cannot see them diluting in the mid term. I have listened to several CC with Mr Walls, love his tone of voice and speech: practical and humble @ 10.25K bopd, CZE has almost doubled NAR production since Q3 2010. Many jr guide but this company delivers. Another recent cc: wsw.com According to this webcast, I thinks they have the drills spinning by now.