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Connacher Oil And Gas Up 16% After Company Increases Cash Balances to $120 Million; Further Growth Expected Next Year

Connacher Oil and Gas shares (CLL.TO) are up 16% today, trading at 58 cents per share, after the company announced last week that it had increased its cash balances to $120.3 million, 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 A. 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."

Gusella also announced that Connacher is continuing to advance two other liquidity-raising initiatives, a joint venture or sell-down of their Great Divide oil sands project in Alberta and a farm-out or sell-down of their conventional crude oil and natural gas properties at Twining and Penhold, Alberta.

The company anticipate that these initiatives could result in further debt reduction and an acceleration of Connacher's growth activities on their assets next year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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