Connacher Oil and Gas Limited (TSX-CLL) is a Calgary-based Canadian oil and natural gas exploration, development, production and refining company. Its principal asset is a 100 percent interest in approximately 98,000 acres of oil sands leases in the Great Divide and Halfway Creek regions near Fort McMurray, Alberta. Bitumen production from Connacher's first 10,000 bbl/d steam assisted gravity drainage ("SAGD") oil sands plant ("Pod One") commenced during Q4 2007 and is targeted to reach 10,000 bbl/d of bitumen in 2008.

In November 2008, Connacher received Order in Council 525/2008 from the Cabinet of the Government of Alberta and Commercial Scheme Approval No. 11253 from the Energy Resources Conservation Board ("ERCB") enabling the company to proceed with construction of its second 10,000 bbl/d SAGD oil sands plant ("Algar"), which is fully financed from capital raised in 2007. Connacher also maintains conventional production at Marten Creek, Simonette and Three Hills, Alberta and at Battrum, Saskatchewan. Connacher owns and operates a 9,500 bbl/d heavy oil refinery at Great Falls, Montana. The company owns 24 percent of and participates in the administration of Petrolifera Petroleum Limited (TSX - PDP), which has producing or exploratory interests in Argentina, Peru and Colombia.

In pursuing its objective of maximizing shareholder value, where possible Connacher secures large, operated interests. Over time, a balanced portfolio of bitumen, crude oil and natural gas interests and refining capacity, designed to mitigate risks inherent in the production of bitumen, is being pursued through an integrated strategy. An opportunistic approach, supported by timely decisions, reflects management's experience and aggressive strategy towards realizing growth objectives. Connacher pursues its objectives utilizing a conservative and appropriate financial structure compatible with its asset base.