CALGARY, Jan. 18, 2016 /CNW/ – Connacher Oil and Gas Limited (CLC – TSX; “Connacher” or the “Company”) announces that in light of exceptionally low commodity prices, the Company plans to further reduce production at Great Divide.
Average production for the month of January is expected to be 7,000 to 8,000 barrels per day. February and March production is expected to be 3,000 to 4,000 barrels per day. Both plants at Great Divide will remain operating the majority of this time and equipment maintenance is ongoing.
Based on field estimates, Connacher’s Great Divide production for Q4 2015 averaged approximately 13,900 barrels per day. Connacher ended the year with a $47.2 million cash position and plans to actively maximize liquidity through this challenging environment.
Connacher is a Calgary-based in-situ oil sands developer, producer and marketer of bitumen. The Company holds a 100 percent interest in approximately 440 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. For more information about Connacher please visit www.connacheroil.com.