Connacher Announces Promotion and Management Changes

CALGARY, Nov. 26, 2012 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX; "Connacher" or the "Company") is pleased to announce that it has promoted Merle Johnson to Chief Operating Officer of the Company.  Mr. Johnson has been with Connacher since June 2007 during the construction of Connacher's first steam-assisted gravity drainage bitumen facilities and related wells at Great Divide.  Mr. Johnson graduated as an Engineer with Distinction from the University of Saskatchewan and received his Masters of Business Administration from the University of Calgary. Mr. Johnson is a Professional Engineer with extensive oil sands and heavy oil experience.  With the refocusing of Connacher's business solely on the development, production and sale of bitumen, he will be responsible for all aspects of the Company's operations including project management, production, facilities and drilling.

Greg Pollard, currently the Chief Financial Officer of the Company under a fixed term contract, has accepted a permanent role with the Company as Chief Financial Officer.  Mr. Pollard is a Chartered Accountant with in excess of 30 years experience in the energy and accounting sectors, including over 20 years with major international accounting firms, most recently Ernst & Young LLP in both Houston, Texas and Calgary.

Peter Sametz, currently the Interim Chief Executive Officer, has advised the Company that he will not be extending his consulting contract beyond December 31, 2012. As a result, Connacher will be commencing an executive search process to identify candidates for the role of Chief Executive Officer of the Company.  Mr. Sametz was appointed Interim Chief Executive Officer of the Company in February 2012 and was primarily responsible for assisting the Board of Directors in its evaluation of strategic alternatives. Mr. Sametz was instrumental in the sale of the Company's heavy oil refinery located in Great Falls, Montana, the sale of the Company's conventional oil and gas properties and the internal reorganization of the Company. The Board of Directors would like to thank Mr. Sametz for his significant contributions to the Company.

Colin M. Evans, Chairman and Co-Managing Director, and Kelly J. Ogle, Co-Managing Director, will continue with the Company in their current capacities until such time as a suitable replacement for Mr. Sametz is retained.

About Connacher

Connacher Oil and Gas Limited is a single purpose Company active in the development, production and sale of bitumen. The Company's principal assets are holdings in the Great Divide oil sands project in northern Alberta, south of Fort McMurray.

SOURCE: Connacher Oil and Gas Limited

Peter D. Sametz or Kelly J. Ogle
Phone: [phone]
[email protected]