Connacher Oil and Gas Ltd. reported operating and earnings results for the first quarter ended March 31, 2013. For the quarter, revenue, net of royalties was $101,320,000 against $107,747,000 for the same period in the last year. EBITDA from continuing operations was $10,682,000 against $12,419,000 for the same period in the last year. Net loss from continuing operations was $46,566,000 against $23,001,000 for the same period in the last year. Net loss was $46,566,000 against $20,558,000 for the same period in the last year. Net loss per basic and diluted share was $0.10 against $0.05 for the same period in the last year. Capital expenditures were $20,251,000 against $11,856,000 for the same period in the last year. Cash flow from operating activities (continuing operations) was $9 million compared to $22 million a year ago. The decline was primarily driven by lower benchmark pricing, wider differentials, and higher transportation and handling costs. The company estimates Great Divide production in the month of April 2013 was approximately 11,500 bbl/day. Production was impacted in April by pump installations at Pad 101N at Pod One. The changes are completed and the wells were back on line in early May. The planned retrofit work on one of the steam generators at Algar began in late April and are expected to be completed and on line by the end of May. The company expects production to be approximately 1,000 bbl/day for the second quarter of 2013. For the quarter, the company reported daily production volumes from­ continuing operations of Bitumen 12,406 bbl/d against 12,429 bbl/d a year ago. Bitumen netback 16.43 barrel against 30.29 barrel a year ago. The average gross dilbit sales price for intra Alberta volumes was $58.32/bbl and $81.72/bbl for sales by rail outside of Alberta. Bitumen netbacks were approximately $4.00/bbl higher for sales by rail than sales to the intra Alberta market.

Connacher Oil and Gas Ltd. reported operating and earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, revenue, net of royalties was $94,959,000 against $119,377,000 for the same period in the last year. EBITDA from continuing operations was $11,181,000 against $30,269,000 for the same period in the last year. Net loss from continuing operations was $40,527,000 against $49,076,000 for the same period in the last year. Net loss was $7,167,000 against $59,477,000 for the same period in the last year. Net loss per basic and diluted share was $0.02 against $0.13 for the same period in the last year. Capital expenditures were $12,189,000 against $32,201,000 for the same period in the last year. Cash flow from continuing operations was also lower, with net outflows of $7.8 million, compared to cash flow from continuing operations of $11.5 million for the same period in the last year, primarily due to lower benchmark pricing and higher transportation costs. For the full year, revenue, net of royalties was $384,946,000 against $430,029,000 for the same period in the last year. EBITDA from continuing operations was $40,669,000 against $81,045,000 for the same period in the last year. Net loss from continuing operations was $109,172,000 against $142,810,000 for the same period in the last year. Net loss was $84,469,000 against $114,105,000 for the same period in the last year. Net loss per basic and diluted share was $0.19 against $0.26 for the same period in the last year. Capital expenditures were $50,382,000 against $156,627,000 for the same period in the last year. The company reported operating results for the fourth quarter and full year ended December 31, 2012 and for the months of January and February 2013. For the quarter, daily production volumes for bitumen were 11,945 bbl against 13,173 bbl for the same period in the last year, which was 9% lower largely due to previously scheduled maintenance at Algar and limited capital expenditures. For the full year, daily production volumes for bitumen were 11,881 bbl against 13,379 bbl for the same period in the last year. Production in the months of January and February 2013 was 12,045 bopd and 12,971 bopd, respectively. February production volumes were achieved prior to the effects of the capital projects designed to add new production beginning later in 2013. The company provided operating guidance for 2013. It anticipates 2013 results that reflect strong operational performance. The company's 2013 capital budget has been set at $95 million, including $68 million for growth expenditures and $27 million for normal maintenance.

Connacher Oil and Gas Ltd., Annual General Meeting, May 14, 2013., at 16:00 US Mountain Standard Time. Location: Second level (Plus 15) conference room. Agenda: To consider the election of directors; to consider appointment of auditors; to consider confirmation of a by-law providing advance notice requirements for the nomination of directors; to consider the approval of unallocated stock options under the Stock Option Plan; to consider the replenishment of the common shares under the Share Award Incentive Plan; and to consider the extension of the company's Shareholder Rights Plan Agreement.