Connacher Initiates Strategic Process

CALGARY, Jan. 15, 2015 /CNW/ - Connacher Oil and Gas Limited (CLL – TSX; "Connacher" or the "Company") announces that in connection with Connacher's process to devise and implement a strategy to address its liquidity and capital structure, as announced on December 1, 2014, Connacher's Board of Directors has initiated a strategic process which could result in the sale of the Company or all or a portion of its assets. Interested parties should contact the Company's financial advisors, BMO Capital Markets at [phone].

There can be no assurance that the restructuring or strategic process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction.

About Connacher

Connacher is a Calgary-based in situ oil sands developer, producer and marketer of bitumen. The Company holds a 100 per cent interest in approximately 450 million barrels of proved and probable bitumen reserves and operates two steam assisted gravity drainage facilities located on the Company's Great Divide oil sands leases near Fort McMurray, Alberta.

SOURCE Connacher Oil and Gas Limited

Chris Bloomer, Chief Executive Officer; Greg Pollard, Chief Financial Officer; Connacher Oil and Gas Limited, Phone: [phone], Fax: [phone], Suite 900, 332 - 6th Avenue SW, Calgary, Alberta T2P 0B2, [email protected], www.connacheroil.com