Connacher Waves Goodbye to CEO

Connacher announced that effective immediately, Richard A Gusella relinquished his positions as Chairman, Chief Executive Officer, President and Interim Chief Operating Officer of the company. In addition, Mr. Gusella is no longer a director of Connacher. Connacher wishes to thank Mr. Gusella for his significant contributions to the company's growth and development over the past 11 years and wishes him the very best in his future endeavors.

Effective immediately and on an interim basis, Colin M. Evans and Kelly J. Ogle, both currently directors of Connacher, have been appointed co-Managing Directors of Connacher. Mr. Evans is presently the Lead Director of Connacher and is the President of Evans & Co. Inc., a private consulting corporation providing financial and operating advisory services to oil and gas corporations. Mr. Ogle is the President and Chief Executive Officer of Trafina Energy Ltd., an oil and gas corporation listed on the TSX Venture Exchange. Messrs. Evans and Ogle will oversee the day to day operations of Connacher. The company continues to experience strong financial results and is focused on maintaining financial flexibility and execution of its conservative $37 million capital program for 2012.

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