CALGARY, Dec. 13, 2011 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX and Alpha) announced today that its Board of Directors has determined not to pursue the unsolicited, non-binding and conditional proposal received from a third party to acquire all of the outstanding shares of the company. The Board determined, upon extensive and thorough deliberation and following receipt of advice from its financial and legal advisors, that the proposal was not compelling.

Connacher continues to pursue its joint venture initiatives and to execute its previously enunciated business plan.

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