and gas limited type public tsx cll industry oil and gasoline founded calgary alberta 1997 headquarters calgary alberta canada key people chris bloomer chief executive officer greg pollard chief financial officer jesse j. beaudry vice president marketing and transportation logistics merle d. johnson chief operating officer products oil & gas exploration and production revenue 872.8 million can 2011 1 website www.connacheroil.com connacher oil and gas limited is a calgary based exploration development and production company active in the production and sale of bitumen in the athabasca oil sands region . connacher s shares trade on the tsx under the symbol cll . connacher s principal asset is a 100 percent interest in approximately 500 million barrels of proved and probable bitumen reserves located on the company s great divide oil sands 50 miles south of fort mcmurray alberta . 1 the company s first notional 10 000 bbl d steam assisted gravity drainage sagd oil sands project at great divide pod one commenced commercial production in march 2008 just four short years from our first purchase of lands in the region . algar the company s second notional 10 000 bbl d sagd oil sands project at great divide was completed in april 2010 ahead of schedule and under budget with commerciality achieved effective october 1 2010 . in september 2012 connacher received approval from the energy resources conservation board for the development of its 24 000 bbl d great divide expansion project . 2 contents 1 history 2 pod one 3 algar 4 corporate governance 5 opec fracking put pressure on small bitumen production players 6 see also 7 references 8 external links history edit in 2004 founder and ceo richard gusella a veteran in the oil sands began to build connacher oil and gas limited in increments by purchasing one 10 000 barrel per day sagd steam assisted gravity drainage plant at a time starting with underground oil sands leases south of fort mcmurray . 2 he acquired montana refining company inc. in great falls montana to hedge against a huge spread between bitumen and synthetic crude oil prices . 2 this was sold to calumet specialty products partners l.p. nasdaq clmt in 2012 . 3 connacher also sold the great divide pipeline company at the same time to calumet for a combined price of about c 120 million . 3 in 2007 connacher s state of the art sagd great divide plant was opened at its great divide pod one its first 10 000 bpd oil sands project . 4 by 2007 connacher self defined as a crude and natural gas exploration development and production company with an extensive reserve resource and acreage position in the oil sands of alberta . 4 by 2007 connacher owned considerable conventional resources in the marten creek three hills and battrum regions of western canada ; owns and operates a 9 500 barrel per day refinery in great falls montana and maintains a valuable 26 percent equity stake in petrolifera petroleum limited pdp tsx a public company active in argentina colombia and peru in south america . 4 on the 17th may 2016 it filed for insolvency . 5 pod one edit great divide pod one which began operation in september 2007 4 6 is connacher s initial steam assisted gravity drainage thermal recovery oil sands project . pod one has a design steam generation capacity of 27 000 bbl d. at its long term target peak operating steam oil ratio of 2.7 pod one is expected to facilitate production of approximately 1 600 cubic metres approximately 10 000 bbl d of bitumen over a project life of 25 or more years before provision for turnarounds and minor interruptions . algar edit algar 7 is connacher s second steam assisted gravity drainage thermal recovery oil sands project . algar has a steam generation design capacity of 30 000 bbl d which at its long term target operating steam oil ratio of 3.0 is expected to facilitate production of approximately 10 000 bbl d of bitumen over a project life of more than 25 years before provision for turnarounds and minor interruptions . algar is located at great divide approximately eight kilometres east of pod one . corporate governance edit current members of the board of directors of connacher oil and gas limited are chris bloomer d. hugh bessell gregory a. boland colin m. evans jennifer k. kennedy garry mihaichuk kelly j ogle and w.c. mike seth . opec fracking put pressure on small bitumen production players edit in late 2014 as the global demand for oil slows down and production of crude oil remains high in the united states canada and in organization of the petroleum exporting countries the oil market collapsed into a bear market . while the decision by opec to hold their production steady at 30 million bpd contributed to the continued price decline of oil there was a rebound in oil futures on 1 december 2014 . 8 the price of west texas intermediate wti the benchmark for north american crude dropped to us68 .93 9 and to the decline in the price of western canadian select which is the benchmark for emerging heavy high tan acidic crudes to us 51.93 . 9 10 by early december 2014 connacher was one of several oilsands bitumen focused producers to struggle financially due to the drop in the price of oil and a tightening of capital markets . others include opti canada inc. southern pacific resources corp. and sunshine oilsands ltd. . on 1 december connacher which is 1.05 billion in debt hired bmo capital markets advisors to undertake a review process of its liquidity and capital structure . 11 if the price of wti per barrel was us 75 the connacher could generate c70 million of ebitda in 2015 but it has 90 million in debt payments . 11 see also edit list of articles about canadian oil sands references edit connacher oil & gas 2011 annual report pdf . a b mccullough michael 13 january 2012 connacher oil & gas failed to operate independently in the oilsands the oilsands is no country for old oilmen and junior companies canadian business retrieved 2 december 2014 a b liu ted 1 october 2012 connacher oil and gas sells montana refining to calumet specialty products partners canadian private equity retrieved 2 december 2014 a b c d connacher commences steam injection at its great divide pod one oil sands project newswire calgary alberta 17 september 2007 retrieved 2 december 2014 wm data service connacher oil & gas pod one . connacher oil & gas algar . shenk mark 1 december 2014 oil futures rebound from five year low after opec slump bloomberg retrieved 2 december 2014 a b the markets on 12 01 14 financial post calgary alberta 2 december 2014 access date requires url help wcs at cushing the emerging us trading center for canada s heavy sour crude argus argus white paper argus media 2012 a b morgan geoffrey 2 december 2014 smaller oilsands players like connacher oil and gas ltd feeling the pinch of falling prices calgary alberta financial post retrieved 2 december 2014 external links edit connacher oil and gas limited official website companies portal energy portal v t 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intertrade national oilwell varco petrofac saipem schlumberger snam subsea 7 technip transcanada transocean weatherford wood group other international association of oil & gas producers international energy agency international petroleum exchange opec society of petroleum engineers world petroleum council category commons v t e western canadian sedimentary basin hydrocarbon history oil sands and heavy oil frontier exploration and development natural gas liquids natural gas depositional regions southern alberta central alberta northwestern alberta plains south central canadian rockies foothills north east plains north central foothills liard river fort nelson northern rocky mountains fort st. john saskatchewan western manitoba retrieved from https en.wikipedia.org w index.php title connacher oil and gas & oldid 720839845 categories energy companies of canadapetroleum industry in canadacompanies listed on the toronto stock exchangeoil companies of canadanon renewable resource companies 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