Bloomberg News

Canada’s Connacher Oil Drops After Three Executives Leave

January 04, 2012

Jan. 4 (Bloomberg) -- Connacher Oil & Gas Ltd. fell 12 percent after three top executives stepped down amid pressure to sell the oil and gas producer.

Connacher declined 11 Canadian cents to 78 cents at the close in Toronto, the most since Dec. 13. The shares have dropped 41 percent in the past year.

The company’s President and Chief Operating Officer Peter Sametz, Chief Financial Officer Richard Kines and Vice President of Corporate Development Grant Ukrainetz have left the Calgary- based company, according to a statement. Connacher also said it will suspend its effort to find a joint venture partner for its Great Divide oil sands project.

Connacher has received calls from shareholders Audley Capital Advisors LLP and West Face Capital Inc. to put itself up for sale or review strategic alternatives after its stock lost more than three-quarters of its value over the past five years. The company rejected an “unsolicited, non-binding and conditional” offer last month.

--Editors: Will Wade, Charles Siler

To contact the reporters on this story: Jeremy van Loon in Calgary at jvanloon@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net


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