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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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Message: Poor Production

Poor Production

posted on Jul 07, 2009 09:08AM

Amother deadline has not been met in terms of reaching POD 1's design capacity of 10,000 barrels per day of bitumen. As a long term shareholder since 2003 I am getting frustrated with POD 1's failure to reach full production which was supposed to have reached in June (mid year). I have been following the slow ramp up as the rest of you have I am sure. It is about the only thing left for us shareholders as a motivational factor, that slowly increasing production. With the release of the new Presentation, if you look at page 14 you will see that POD 1 is currently producing 7,000 barrels of bitumen per day. You will also learn that this is due to problems such as a power outage. There was also a failure in the flare stack and production had to be stopped, as well as one of the evaporators got plugged and production had to be stopped to repair it. Where does this end? It's beginning to look like the addition of the two new well pairs in July to increase production will be necessary to try to just reach full production rather than being used to produce extra bitumen. The question now is will Connacher ever reach full production and if so when? Up to now Connacher's production at POD 1 was fairly stable and reliable but these mew interruptions are unsettling for present and potential future investors.

Best Wishes; Scott

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