For your information. If you check the posting Alternative Monthly Report, dated October 11, 2011 on SEDAR's website you will see that Fidelity Management & Research, which is a major institutional holder of Connacher's common shares, and has held these shares for years, recently disposed of 37,045,522 Connacher common shares"

EARLY WARNING REPORT UNDER

THE ALTERNATIVE MONTHLY REPORTING SYSTEM

OF NATIONAL INSTRUMENT 62-103

1. Name and address of the eligible institutional investor:

“Fidelity” which may include the following:

Fidelity Management & Research Company ("FMR Co.") 82 Devonshire Street Boston, MA, 02109

Pyramis Global Advisors, LLC ("PGALLC") 900 Salem Street Smithfield, RI, 02917

Pyramis Global Advisors Trust Company ("PGATC") 900 Salem Street Smithfield, RI, 02917

Strategic Advisers Incorporated (“SAI”)

82 Devonshire Street

Boston, MA 02109

FIL Limited ("FIL") 42 Crow Lane, Pembroke, Bermuda

FMR Co., PGALLC, PGATC and SAI (hereinafter collectively referred to as “FMR”), and FIL and certain of its affiliates (“FIL”, and together with FMR, “Fidelity”).

2. Name of the reporting issuer:

Connacher Oil and Gas Limited

3. Period for which the report is filed:

Period ended 9/30/2011

4. Net increase or decrease in the number or principal amount of securities, and in the eligible institutional investor’s security holding percentage in the class of securities, since the last report filed by the eligible institutional investor under the early warning requirements:

Since Fidelity’s last report filed on 11/10/2010, Fidelity’s holdings have decreased by 37,045,522 Common Shares of Connacher Oil and Gas Limited. This represents a net decrease of 8.2303% of the outstanding Common Shares.

5. Designation and number or principal amount of securities and the eligible institutional investor’s security holding percentage in the class of securities at the end of the month for which the report is made:

Fidelity holds 19,065,200 Common Shares representing approximately 4.2356% of the outstanding Common Shares of Connacher Oil and Gas Limited. Fidelity holds no related financial instruments.

6. Designation and number or principal amount of securities and the percentage of outstanding securities of the class of securities referred to above over which:

(i) the eligible institutional investor, either alone or together with any joint actors, have ownership and control:

N/A

(ii) the eligible institutional investor, either alone or together with any joint actors, have ownership but control is held by other entities other than the eligible institutional investor or any joint actor:

N/A

(iii) the eligible institutional investor, either alone or together with any joint actors, have exclusive or shared control but does not have ownership:

Fidelity holds 19,065,200 Common Shares representing approximately 4.2356% of the outstanding Common Shares of Connacher Oil and Gas Limited. Fidelity holds no related financial instruments.

7. Purpose of the eligible institutional investor and any joint actors in acquiring or disposing of ownership of, or control over, the securities, including any future intention to acquire ownership of, or control over, additional securities of the reporting issuer:

The Common Shares of Connacher Oil and Gas Limited were disposed of in the ordinary course of business, for investment purposes only and not with the purpose of exercising control or direction over Connacher Oil and Gas Limited. Fidelity may from time to time, on behalf of funds or accounts it manages, acquire additional Common Shares or related financial instruments, dispose of some or all of the Common Shares they hold or continue to hold Common Shares.