Dick Gusella's position as Chairman, President and Chief Executive Officer of Connacher Oil & Gas is a violation of the current rules of the Toronto Stock Exchange as well as being a serious conflict of interest where shareholders are concerned.

As a longtime shareholder of Connacher, as well as a shareholder of Tuscany International Drilling I came across the following judgement made by the Toronto Stock Exchange against the Chairman and Chief Executive Officer of Tuscany International Drilling, Mr. Walter Dawson who was forced by the TSX to surrender one of his positions when Tuscany joined the TSX in 2011:

"Separation of the Offices of Chairman and Chief Executive Officer

In connection with the initial listing of Tuscany on the Toronto Stock Exchange (the "TSX"), the TSX advised the Corporation that it was the TSX's position that the offices of Chairman and Chief Executive Officer be held by separate individuals. As the Company did not have a candidate to hold the position of Chief Executive Officer at that time, the TSX requested Mr. Walter Dawson to provide an undertaking to step down as either Chairman or Chief Executive Officer of Tuscany within one year of listing, allowing Tuscany such period of time to identify an appropriate candidate." June 6, 2011

http://www.thepressreleasewire.com/client/tuscany_drilling/release.jsp?actionFor=1453632&releaseSeq=8&year=2011

Dick Gusella is currently in a conflict of interest and accordingly he should be forced to give up all of his positions except for the Chairmanship of the Corporation. The Independant Directors on Connacher's Board of Director's are currently not performing their duty of protecting the interests of shareholders as per the conflict of interest description stated by the TSX. Concerned shareholders should contact the Independant Directors on Connacher's Board as well as report the existing situation to the TSX to force compliance with the TSX' rules.

Mr. Gusella has held both the positions of Chairman and Chief Executive Officer for a number of years and this is not in the best interest of shareholders.

On another note, if you look at Connacher's corporate website today you will see that the website has been changed immediately to reflect the new changes that have been made on the management team. Usually corporate websites take months to make these changes, in Connacher's case the website was changed the same day that the press release came out informing the market that a number of key management personnel were leaving the company.

http://www.connacheroil.com/index.php?page=management

I can't wait for the Annual General Meeting. Something is rotten here!!