Agoracom: Small Cap Investment - Connacher Oil and Gas - Article from Reuters "Connacher says open to joint oil sands ventures"

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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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Article from Reuters "Connacher says open to joint oil sands ventures"

posted on Jan 11, 2010 06:03AM

http://uk.reuters.com/article/idUKWLB484620100111

LONDON, Jan 11 (Reuters) - Canadian oil sands developer Connacher Oil & Gas (CLL.TO) said it is open to joint ventures to help it fund its ambitious growth plans.

"There has been considerable interest in the Canadian oil sands industry expressed by state oil (companies) and large multinational oil companies," Grant Ukrainetz, Vice President for Corporate Development, told a conference in London.

"We may consider joint ventures in terms of securing our long term goal, which is to be self-financing," he added.

Connacher's growing resource base will require hundreds of millions to develop and this is currently not covered by the company's cash flows. (Reporting by Tom Bergin; Editing by Greg Mahlich)

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