Connacher Oil & Gas Ltd CLLZF

Connacher Reports Significant Reserve Increas

[DEXSTON]

Connacher Reports Significant Reserve Increases In 2006 DOW JONES NEWSWIRES Calgary's Connacher Oil & Gas Ltd. (CLL.T) said its conventional and bitumen reserve base expanded considerably during 2006. The increase in conventional reserves reflects successful drilling at Three Hills, Alta. and at Battrum, Sask. and the March 2006 acquisition of Luke Energy Ltd., Connacher noted. It said the recognition of proved bitumen reserves and the expansion of its reserve and resource base at Great Divide and surrounding areas reflects the regulatory approval and progress in the construction of its facilities at Pod One. It also reflects the impact of Connacher's core hole drilling program on its main lease block in the region. The estimates are at Dec. 31, 2006. Proved (1P) crude oil reserves increased 67% to 2.4 million barrels. Proved and probable (2P) crude oil reserves increased 34%, to 3.2 million barrels. Proved natural gas reserves jumped to 24.7 billion cubic feet, while proved and probable natural gas reserves jumped to 33.5 Bcf, Connacher said. On an oil equivalent basis, 1P reserves increased 335% to 6.5 million boe, while 2P equivalent reserves rose 252% to 8.8 million boe, the oil and gas company added. -Carolyn King; 416-306-2100; [e-mail] (END) Dow Jones Newswires 02-28-07 1458ET Copyright (c) 2007 Dow Jones & Company, Inc.- - 02 58 PM EST 02-28-07