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liquidcoolon Nov 10, 2011 5:21pm
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Connacher Oil earns $3.64-million in Q3
Connacher Oil earns $3.64-million in Q3Connacher Oil earns $3.64-million in Q3
2011-11-10 17:11 ET - News Release
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Mr. Richard Gusella reports
CONNACHER OIL AND GAS REPORTS SOLID THIRD QUARTER 2011 RESULTS; BITUMEN PRODUCTION DOUBLES; DOWNSTREAM CONTRIBUTION SIGNIFICANT; STRONG LIQUIDITY AND EARNINGS
Connacher Oil and Gas Ltd. has provided solid operating and financial results for the third quarter and for the nine months ended Sept. 30, 2011. Connacher also reported on its strengthening liquidity position and updated its 2011 production guidance. Connacher expects its solid performance to continue in Q4 2011.
"During the third quarter of 2011, we made significant progress from an operational, technology and liquidity perspective," said Richard Gusella, Chairman and Chief Executive Officer. "In addition to planned asset sales, we advanced toward farmouts and a joint venture that, upon completion, should provide the benefits of third-party spending on our properties and lower capital spending by Connacher, while we meet 2012 financial obligations without any equity dilution and with reduced indebtedness."