UPDATE: Connacher Oil and Gas Announces Year End Results; Shares Rise Nearly 11% But Still Near Yr Lows
Connacher Oil and Gas Limited (CLL.TO) released its financial and operating results for 2012. Connacher faced a considerable number of challenges during 2012. A curtailed capital program imposed by budgetary constraints caused the company to focus its efforts on a number of strategic initiatives, culminating in the sale of two of its business units, the Montana refinery and the remainder of the company's conventional oil and gas properties. These transactions resulted in cash proceeds of approximately $225 million, thus allowing the company to repay all amounts outstanding under its credit facility, with the balance of the proceeds being added to working capital to fund growth projects relating to its oil sands properties. As a result, Connacher is now a single purpose company active solely in the development, production and sale of bitumen. Year-end cash balances of $127 million position the company to meet all of its 2013 financial obligations and execute a meaningful capital program as described in earlier press releases.
CLL is now up 1.5 cents (10.71%) to 15 cents late morning. More than 907,000 shares have been traded.
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