Connacher Undertakes Review of Capital Structure

CALGARY, Dec. 1, 2014 /CNW/ - Connacher Oil and Gas Limited(CLL – TSX; "Connacher" or the "Company") announced today that its Board of Directors has initiated a process to devise and implement a strategy to address Connacher's liquidity and capital structure. In this regard, BMO Capital Markets has been engaged as the Company's financial advisor to assist the Company in this process. Connacher does not intend to make any further announcements in respect of this matter unless and until its Board of Directors has approved a particular course of action or otherwise determines that disclosure of such developments is material.

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