CALGARY, May 24, 2018 /CNW/ – Connacher Oil and Gas Limited (“Connacher” or the “Company”) announces that it will be proceeding to Phase II of its new sale and investment solicitation process for the Company’s business and assets (the “SISP”) being conducted in conjunction with Connacher’s proceedings under the Companies’ Creditors Arrangement Act (“CCAA”) with the assistance of its financial advisor, Houlihan Lokey Capital, Inc. (“Houlihan”).
In accordance with the terms of the SISP, Connacher launched Phase I of the SISP with the assistance of Houlihan on April 3, 2018 to solicit indications of interest in the business and assets of Connacher in the form of non-binding letters of intent from potential bidders. The Special Committee of the Board of Connacher, in consultation with Houlihan, the Monitor and the Consenting First Lien Lenders (as those terms are defined in the SISP), has determined to move to Phase II of the SISP. Final binding bids are due by June 20, 2018.
The Company does not intend to comment further regarding the SISP or the CCAA process unless it is determined that further disclosure is appropriate or required by law.
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 465 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.