ALGAR PROJECT ADVANCING TO ALBERTA CABINET FOR FIN
Connacher awaits cabinet decision on Algar Pod Two
2008-10-01 13:18 ET - News Release
Shares issued 211,181,815
CLL Close 2008-09-30 C$ 2.75
Mr. Richard Gusella reports
CONNACHER'S ALGAR PROJECT ADVANCING TO ALBERTA CABINET FOR FINAL APPROVAL
Connacher Oil and Gas Ltd. has been advised verbally that the Energy Resources and Conservation Board is advancing Connacher's June 19, 2007, application for its second 10,000-barrel-per-day steam-assisted gravity drainage project, Algar, at Great Divide, to the cabinet of the government of Alberta for final approval, which is only evidenced by the issuance of an order-in-Council by cabinet. At this time the timeline for receipt of the order-in-Council remains indeterminate but it is anticipated to occur during October, 2008. Upon receipt of such approval, Connacher is prepared to immediately commence field construction at Algar and this would enable Connacher to remain on its previously disclosed schedule.
As previously reported in Stockwatch on Sept. 16, 2008, financing for Algar was previously arranged by Connacher and the company's objective is to commence production from Algar by approximately year-end 2009.