Connacher Announces Management Realignment; New Hire
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CALGARY, May 11 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX) announced today that arising out of its succession planning process, Mr. Peter Sametz has been appointed President of the company. He will continue his role as Chief Operating Officer. Mr. Richard A. Gusella will assume the position of Chairman and will continue as Chief Executive Officer.
Mr. Sametz is a Professional Engineer and has been with the company for over five years, most recently in the position of Executive Vice President and Chief Operating Officer. He has been responsible for the identification, organization and development of the company's operations, including its emphasis on its producing Great Divide oil sands project, which includes production at Pod One and most recently the construction of the company's second 10,000 bbl/d steam-assisted gravity drainage ("SAGD") project at Algar, where commissioning is nearing completion. In addition, Mr. Sametz has directed the development of Connacher's conventional assets in Western Canada and its refining operations in Great Falls, Montana. His extensive experience in heavy oil and oil sands developments will assist Connacher in its continuing evolution into a significant bitumen producer.
Mr. Gusella has been President and Chief Executive Officer of Connacher since 2001 and has directed its evolution into a growth-oriented heavy oil production company. He will continue as Chairman and Chief Executive Officer and will be responsible for the overall conduct of Connacher's business plans and growth activities with a view to retirement from discharging executive responsibility by May, 2014 when he reaches the age of 70 years. In the intervening period, he plans to continue working closely with Mr. Sametz in achieving clearly stated goals and objectives for the company, including the goal of Great Divide bitumen production exceeding 50,000 bbl/d by 2015.
Connacher is also pleased to announce the appointment of Mrs. Brenda G. Hughes, C.A. to the position of Assistant Corporate Secretary. As an officer of the company, Brenda will be called upon to discharge a variety of responsibilities, including regulatory and governance compliance, coordination with the company's outside counsel and other related duties. Brenda has extensive industry experience with a variety of Canadian crude oil and natural gas companies.
Connacher is pleased to be able to plan its future management responsibilities with internal promotions and recognition of individual contributions to the growth and prospective prosperity of the company for its shareholders.
Connacher Oil and Gas Limited is a Calgary-based crude oil, natural gas and bitumen production company. Its principal asset is its 100 percent interest in its Great Divide SAGD oil sands project in northeastern Alberta. The company also owns conventional crude oil and natural gas assets in Alberta and Saskatchewan and a refinery in Great Falls, Montana, U.S.A. Also, an approximate 20 percent equity stake is held in Petrolifera Petroleum Limited, a public Canadian oil company active in South America and listed for trading on the Toronto Stock Exchange (PDP - TSX).
For further information: Richard A. Gusella, Chairman and Chief Executive Officer, OR Grant D. Ukrainetz, Vice President, Corporate Development, Phone: (403) 538-6201, Fax: (403) 538-6225, inquiries@connacheroil.com, Website: www.connacheroil.com
