Connacher reports Q2 2008 results and schedules conference call August 13, 2008, 2:30 p.m. MT

CALGARY, Aug. 12, 2008 (Canada NewsWire via COMTEX) --Connacher Oil and Gas Limited (CLL)today reported record quarterly and half-yearly results to itsshareholders for the period ended June 30, 2008. Production, revenueand cash flow all rose to new heights, due to increased conventionaloil and gas volumes, new oil sands production and sales volumes andincreased product pricing, all of which offset weak results from therefining division. Our refinery profitability is challenged in periodswhen crude oil prices rise faster than refined product prices and heavyoil differentials narrow. However, in such circumstances we receivehigher wellhead prices and netbacks for bitumen than would otherwiseoccur. This underscores the importance of a balanced, integratedapproach and offers further explanation of why we were able to accessthe long term US debt market as we did last year, raising the fundsthat were necessary to build the Algar project, without equitydilution. We are still awaiting regulatory approval to proceed withAlgar, which we anticipate will be received shortly.

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