Connacher Increases Bought Deal Financing to $45 Million

Connacher Oil and Gas has agreed to increase the size of the financing announced earlier. The corporation will now issue 9,000,000 flow-through common shares on a "bought deal" basis for gross proceeds of $45 million ($5.00 per Flow-Through Share).

Connacher has granted the underwriters an over-allotment option to purchase up to an additional 1,350,000 Flow-Through Shares on the same terms and conditions, exercisable in whole or in part up to 30 days following closing of the offering.

The underwriting syndicate is led by RBC Capital Markets and includes GMP Securities L.P., Orion Securities Inc., Raymond James Ltd., TD Securities Inc., D&D Securities Company, Desjardins Securities Inc. and HSBC Securities (Canada) Inc.

The offering is expected to close on or about November 16, 2007.


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