Connacher Oil and Gas Limited Announces Extension of Time to Complete Restructuring Transaction

CALGARY, Dec. 18, 2018 /CNW/ – Connacher Oil and Gas Limited (“Connacher” or the “Company“) and East River Oil and Gas Ltd. (the “Plan Sponsor“), with the consent of the Consenting First Lien Lenders (as defined in the Company’s Amended and Restated Plan of Compromise and Arrangement (the “Plan“)) and in consultation with Ernst & Young Inc., the monitor (“Monitor“) in the Company’s proceedings under theCompanies’ Creditors Arrangement Act (“CCAA“), have agreed to amend the “Outside Date” under the CCAA Acquisition and Plan Sponsorship Agreement dated August 2, 2018, as amended (the “Plan Sponsorship Agreement“), and “Outside Date for Closing” under the Purchase and Sale Agreement dated August 2, 2018, as amended (the “Purchase Agreement“), in each case to January 31, 2019 (the “Amended Outside Date“).

A copy of the Plan Sponsorship Agreement, the Purchase Agreement, the Plan and materials related thereto are available on the Monitor’s website at www.ey.com/ca/connacheroilandgas and on SEDAR.

Connacher Oil and Gas Limited is a Calgary-based in situ oil sands developer, producer, and marketer of bitumen. The Company’s principal asset is a 100 per cent interest in the Company’s Great Divide oil sands leases near Fort McMurray, Alberta. The Company operates two steam-assisted gravity drainage facilities at these oil sands leases.