Connacher directors start strategic review

By OGJ editors

Directors of Connacher Oil & Gas Ltd., Calgary, after management changes earlier this month, have engaged Goldman Sachs to help with a strategic review (OGJ Online, Jan. 13, 2012).

In a statement, Connacher said it expects financial results to be strong “assuming crude oil and bitumen prices, as well as favorable heavy oil differentials, continue at or near current levels.” It said it can meet all current financial obligations and fund its 2012 capital program.

The company operates two in situ oil sands projects in northeastern Alberta, owns a 9,500 b/d heavy oil refinery in Great Falls, Mont., and holds interests in conventional oil and gas properties in central Alberta.

In the management changes, two directors became interim comanaging directors after the departure of Richard A. Gusella, who had been chairman, chief executive officer, president, and interim chief operating officer.

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