Connacher Oil & Gas Ltd CLLZF

FYI

[allaboutme]

Here is a portion of a current news release. Nothing wrong with this company's performance. GLTA. Peace Connacher Oil earns $14.58-million in Q3 2007-11-07 16:20 ET - News Release Mr. Richard Gusella reports CONNACHER'S NINE MONTH CASH FLOW GROWS 45 PERCENT IN 2007; GREAT DIVIDE POD ONE PLANT COMMISSIONED, STEAMING AND BITUMEN SALES UNDERWAY; STRONG THIRD QUARTER AND YEAR TO DATE EARNINGS IN 2007 Connacher Oil and Gas Ltd.'s cash flow from operations before working capital adjustments rose 45 per cent to $38-million for year to date in 2007 when compared with 2006. This growth in cash flow reflects an expanded operation and strong U.S. refining margins throughout most of the year, although some moderation occurred in the third quarter this year. Earnings were very strong, up 115 per cent in the quarter to $15-million (seven cents per share) and 1,034 per cent year to date to $42-million (21 cents per share), buoyed by the impact of the strong Canadian dollar on the company's U.S.-dollar-denominated indebtedness. A strong capital spending program of $267-million was primarily related to completion of the Great Divide Pod One facilities and wells at Connacher's oil sands operations in Alberta. Connacher's achievements during the third quarter of 2007 were considerable. On Aug. 10, 2007, the company completed the construction of its Great Divide Pod One oil sands project in northeastern Alberta. This was accomplished on time within the 300-day period allotted to the construction phase. Thereafter, the company completed a month of commissioning of the plant and as scheduled, on Sept. 16, 2007, the company commenced steaming of all 15 well pairs which had been drilled during the construction period. This included both the horizontal injector and producer wells which comprise the well pairs. By mid-October, 2007, the company was able to report that the steaming was proceeding effectively and that it had completed its first sale of diluted bitumen (dilbit) production arising from its steam circulation program. Volumes were at prevailing market prices to Alberta markets and to the company's refinery in Montana. This will enable the company to effectively assay the bitumen which will assist its marketing efforts as its production is ramped up to plant capacity of 10,000 barrels per day (bbl/d) during 2008. Highlights: * Pod One plant and facilities completed on time; * Commissioning completed on Sept. 16, 2007; steaming starts; * First bitumen from Pod One produced and sold; * Year-to-date 2007 record cash flow from operations before working capital changes; * Record earnings; * Bought-deal flow-through share financing under way; * Existing debt to be refinanced, new debt capital being raised for Algar (the company's second 10,000 bbl/d oil sands project).