Connacher Oil and Gas

2011 Year End results including Q4 numbers will be released on March 15 (conference call on March 16) as per CLL website.

CLL will report 10 to 12 cents losses in earnings for 2011 including Q4/2011.

Consolidated Q4 Operating Income was about $55 to $60 millions. Operating income does not include the G&A, DDA,FX, Hedging, Interest, etc...

Q4 Earnings number is more difficult to estimate due to reporting flexibility of non cash items. New CFO may have different ideas of how to shuffle the numbers. Q4 Operating Income and Cash Flow is straight-forward.

CLL Bitumen production was under 13.500 bbl/d and Average Bitumen realized price in Q4 was ~$58/bbl ($4 more then in Q2).

Bitumen Prices are slowly drifting lower (below $60/bbl form $62 high in November).