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Press release from CNW Group

Connacher Updates Corporate Slide Presentation on Website

Wednesday, August 24, 2011

Connacher Updates Corporate Slide Presentation on Website18:30 EDT Wednesday, August 24, 2011CALGARY, Aug. 24, 2011 /CNW/ - Connacher Oil and Gas Limited (CLL-TSX) announced today that it has posted an updated corporate slide presentation on its website at www.connacheroil.com. Click on the Investor Information link and select Presentations & Webcasts. Changes reflect ongoing developments including the recent release of interim 2011 financial and operating results.Connacher is a Calgary-based bitumen, crude oil and natural gas production and sales company whose primary assets are two SAGD bitumen production projects, Pod One and Algar.  These are a core part of the company's Great Divide assets in the oil sands of Alberta.  Further expansion of the company's bitumen production is contemplated from the continuing rampup at Algar, the potential impact of its SAGD+™ project and subsequent broader application at Algar well pad 203 and other technical innovations being applied or considered by Connacher.  We are also awaiting regulatory approval of our proposed 24,000 bbl/d expansion at Algar, together with our EIA and have initiated a process to identify and secure a joint venture participant for this undertaking.  We are also expanding our light gravity crude oil resource plays at Twining and Penhold in central Alberta with our current drilling program and we hold a substantial and recently-consolidated acreage position at Latornell, Alberta, an area in the Deep Basin considered prospective for multi-zone liquids rich natural gas, including zones from the Dunvegan Formation to the Duvernay Formation.  Connacher also owns and operates a profitable 9,500 bbl/d heavy oil refinery located in Great Falls, Montana, U.S.A.Forward Looking Information: This press release contains forward looking information including but not limited to expectations regarding future production levels, timing or receipt of regulatory approval of the proposed expansion at Algar, the potential of Connacher's conventional resource plays and future application of innovations.Forward looking information is based on management's expectations regarding future growth, results of operations, production, future commodity prices and foreign exchange rates, future capital and other expenditures (including the amount, nature and sources of funding thereof), plans for and results of drilling activity, environmental matters, business prospects and opportunities and future economic conditions. Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates, the uncertainty of geological interpretations, the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, risks associated with the impact of general economic condition and risks and uncertainties associated with securing and maintaining the necessary regulatory approvals to proceed with the operation and continued expansion of the Great Divide oil sands project.   Additional risks and uncertainties affecting Connacher and its business and affairs are described in further detail in Connacher's AIF. Although Connacher believes that the expectations in such forward looking information are reasonable, there can be no assurance that such expectations shall prove to be correct. The forward looking information included in this press release is expressly qualified in its entirety by this cautionary statement. The forward looking information included herein is made as of the date of this press release and Connacher assumes no obligation to update or revise any forward looking information to reflect new events or circumstances, except as required by law. For further information: Richard A. Gusella Chairman and Chief Executive Officer OR Peter D. Sametz President and Chief Operating Officer OR Grant D. Ukrainetz Vice President, Corporate Development Phone:  (403) 538-6201     Fax:  (403) 538-6225 inquiries@connacheroil.com       Website:  connacheroil.com www.connacheroil.com