June 10 release-underlined...... btw $70/barrel - when? Will it be before we run out of money?

"Net proceeds, after deduction of the expenses of the offering, will be used for working capital and general corporate purposes, including to fund a portion of the capital costs associated with the construction of Algar, the Corporation's second 10,000 barrel per day steam-assisted gravity drainage ("SAGD") oil sands project, once a decision is made by Connacher's Board of Directors to authorize reinstatement of construction at Algar and drilling of the associated 15 SAGD well pairs. This decision has not yet been finalized. However, in accordance with Connacher's practice to pre-fund major capital projects, upon closing of this offering of Notes, net proceeds, together with current cash balances, including the $163.9 million of net proceeds recently received from the offering of common shares completed on June 5, 2009, will clearly position the Corporation to reinstate construction at Algar in a timely manner, as the Corporation's available cash balances would exceed the estimated remaining $200 million of construction, drilling and completion costs for Algar, assuming stable economic conditions.


It is anticipated that receipt of the net proceeds of the offering of Notes would eliminate the need to pursue continued negotiations for a construction loan for Algar. Connacher will continue to advance its negotiations with a Canadian chartered bank on behalf of a syndicate of proposed lenders, whereby the Corporation would approach the syndicated bank loan market to secure a revolving working capital facility (the "Working Capital Facility"). The Working Capital Facility, if made available and subject to the meeting of any funding conditions, would provide additional liquidity and financial flexibility for the Corporation's normal course business activities. The availability, terms and conditions of the proposed Working Capital Facility are yet to be finalized. There can be no assurance that the Corporation will be able to complete the proposed Working Capital Facility on terms and conditions acceptable to the Corporation, to the syndicated loan market or at all.


Connacher also announces that it has updated its corporate presentation, a copy of which is available on its website at www.connacheroil.com. The presentation contains certain operational information including estimated 2010 bitumen netbacks and a calculation of estimated 2010 corporate operating margin. This presentation will be used in conjunction with the Corporation's participation at the 2009 CAPP Oil & Gas Investment Symposium being held in Calgary from June 15 to June 17, 2009. The Corporation's presentation will be made by Mr. R.A. Gusella, President and Chief Executive Officer and by Mr. Peter Sametz, Executive Vice President and Chief Operating Officer on June 16 and June 17, 2009."