Cheap Trick. Connacher announced a significant increase in reserve and resource estimates following its winter drilling

program, the completion of Algar and the submission of a regulatory application for expansion and enhancement of operations

at Great Divide (its principal asset). Independent reserve evaluators (GLJ Petroleum Consultants) raised Connacher’s bitumen

reserves by 31% to 605 million barrels and total bitumen contingent resources by 39% to 829.0 million barrels. The updated

evaluation incorporated the results from the company’s 81 core holes drilled this past winter, including 68 wells at Great Divide

and 13 wells at Halfway Creek. A Bay Street analyst notes that of the total 3P reserve estimate includes 182.2 million barrels of

proved reserves, an important distinction that differentiates Connacher from many of its oil sands peers. The analyst further

notes that he believes this is a positive validation of the depth and quality of Connacher’s opportunity base and that it supports

both the company’s mid- and long-term growth objectives. The next catalyst is expected to be in the upcoming month with

expected first production at Algar. Generall,y producing oil sands projects are valued at premium valuations relative to

resources or projects under construction, so operational milestones are also expected to be potential upcoming catalysts.