The Covertible debt appears to be unsecured - here's the original press release

http://www.connacheroil.com/document...

The Revolving LOC and Senior Notes appear in the Financials as follows:

(from 2008-Q3 Financials at Connacher website, p 23/24 - Notes - last sentence below)

"(e) L iquidity risk

Liquidity risk is the risk that the company will not have sufficient funds to repay its debts and fulfill its financial obligations. To manage this risk, the company follows a conservative financing philosophy, pre-funds major development projects, monitors expenditures against pre-approved budgets to control costs, regularly monitors its operating cash flow, working capital and bank balances against its business plan, maintains accessible long-term revolving banking lines of credit and maintains prudent insurance programs to minimize exposure to insurable losses.

Additionally, the long term nature of the company’s debt repayment obligations is aligned to the long term nature of its assets. The Convertible Debentures do not mature until June 30, 2012, unless converted to common shares earlier, and principal repayments are not required on the Senior Notes until their maturity date of December 15, 2015. This affords Connacher the opportunity to deploy its conventional, oil sands, and refinery cash flow to fund the development of further expansion projects over the next few years without having to make principal payments or raise new capital unless expenditures exceed cash flow and credit capacity.

The Revolving Credit Facilities (C $150 million and US $50 million) provide liquidity as the company has the ability to draw on them when, and if, necessary anytime over their remaining four year term expiring in December 2012. As at September 30, 2008 they secure approximately $13 million of issued letters of credit.

Substantially, all of the company’s assets (except its investment in Petrolifera) secure the Revolving Credit Facilities and Senior Notes

"

Hope this helps

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