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Connacher Provides 2Q 2013 Operational Update

Source: www.gulfoilandgas.com 7/17/2013, Location: North America

Connacher Oil and Gas Limited is pleased to provide the following operational update for Q2 2013 and confirms the timing of its Q2 2013 conference call and call-in details.

Production

Connacherís production for Q2 2013 averaged 11,500 bbl/d based on field estimates. Production was 7% lower than the prior quarter (Q1 2013 12,406 bbl/d) due to planned interruptions associated with steam generator upgrades completed at Algar in May. Following completion of the upgrades, field estimates for June production averaged 12,500 bbl/d.

Operations

Our 2013 drilling program was completed in Q2 2013 and consisted of four infill wells on Pad 102 and four new well pairs at Pad 104. All of the wells were completed in Q2 2013 and construction of surface facilities and tie-in is continuing at both pads.

We expect to begin steaming the new well pairs at Pad 104 at the end of Q3 2013 for approximately 90 days. These wells will then be converted to production by the end of Q4 2013. The Pad 102 infill wells are expected to be on steam for 30 to 60 days. The first well will begin steaming in July. All four wells are expected to be placed on production by the end of Q4 2013. The replacement well pair on Pad 202 at Algar was placed on production in early July.

As a result of the SAGD+ trial on well pair 203-1 at Algar, average bitumen production rates were approximately 30% higher in the first four months of 2013 than the four months prior to the beginning of the test in May 2012. Steam injection was approximately 10% less over the same comparative period. Solvent injection rates over the entire test period have averaged 6% of the steam volume injected and it is estimated that 92% of the cumulative solvent injected has been recovered. Five months into the test on 203-1, the SOR reached a level approximately 33% lower than SORs prior to the test and have remained at these lower values despite changes to the steam rate. In May 2013 the producer well was converted from gas lift to a submersible pump and the results of this change are being assessed.

We have been piloting SAGD+ at a fourth well at Algar, 203-4, since July 2nd. The trial will continue on both 203-1 and 203-4 pairs through the end of 2013. We are also planning to add an additional trial on at least one of the new well pairs at Pad 104.

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