In the latest Alternative Monthly Report on SEDAR dated October 9, 2009 Resolute Funds Limited made the following report. It stated that: " As of December 31, 2008, Resolute Funds Limited reported that the Resolute Performance Fund ("the Fund"), an investment fund that Resolute Funds Limited manages, held 38,200,000 common shares of Connacher Oil & Gas Limited (constituting approximately 18.09% of all outstanding shares of that class then outstanding.)" Remeber that this was before the dilution of Connacher shares in August 2009.

The Report goes on to state that: "Resolute Funds reports that during the month of September it disposed of 8,250,000 common shares of Connacher Oil & Gas on behalf of the Fund, such that at the end of September [2009] the Fund held 66,750,000 common shares (representing approximately 16.54% of all outstanding shares of that class." So this is interesting as it reveals that over 8 million shares sold during September were sold by Resolute Funds and that they still retain 16.5% of Connachers overall common shares.

In the Alternative Monthly Report dated July 10th, 2009 Fidelity reported for the first time, that it owned 57,218,300 shares of Connacher which represented 14.20% of Connacher's outstanding common shares at that time. Fidelity has filed no Alternative Reports on SEDAR since so it looks like they have retained their position however with the share dilution in August would cerainly have reduced Fidelity's current percentage of control of Connacher's common shares. However, this does not add up as Reuter's as of today, Friday October 16, 2009 states that total Institutional ownership of Connacher Oil & Gas shares is 122,907,499 http://www.reuters.com/finance/stocks/institutionalHolders?symbol=CLL.TO so this indicates to me that Fidelity in fact sold a number of the common shares of Connacher that it owns in its fund and it has not reported its share sale to SEDAR. The total of Resulute Funds shares 66,750,000 + Fidelity's 57,218,300 = 123,968,300 yet Reuters states the total common shares held by Institutional Investors as 122,907,499 . These numbers are out of whack. Also, according to Reuters there are 35 institutional owners of Connacher shares, so I can only assume that Fidelity has sold a number of shares and has not reported this yet to SEDAR. What's with this?

Best Wishes; Scott