My Theory

To date the public and shareholders of Connacher Oil & Gas have no idea who the anonymous bidder was with the unsolicited bid to buy out Connacher.There has been a lot of speculation as to who the quiet bidder was with the low ball bid to take Connacher over. My theory is that the anonymous bidder is sitting right out in the open and nobody has noticed them yet.....JACOS.:Japan Canada Oilsands Limited. JACOS is a private Japanese Company that was one of the first to be involved in the oilsands when they acquired land there at Hangingstone in 1978. Why do I say JACOS is the bidder:

1) JACOS was designed and build by the same project managers as Connacher's Great Divide and Algar plants were=Drifter Projectshttp://www.drifterprojects.ca/ In fact their first plant is almost identical to POD1 with some minor modifications.

2) JACOS is currently building a 35,000 bbl/day bitumen expansion project at Hangintone managed by Drifter Projects. This expansion project is a JV with Nexen. JACOS(75%) and Nexen (25%).

3) JACOS being a private Japanese Company has access to capital from Japanese Banks and private lenders in Japan as well as from it's parent company.It also doesn't have to release it's financial records here as it has no Canadian shareholders to report to. Japan like China is trying to secure foreign oil reserves for the future as cheaply as possible so why not buy out Connacher.

4) Both the JACOS Hangingstone plant(10,000 bbl/d)and the expansion project (35,000 bbl/day) and the bitumen reserves there are geographically close to Connachers two plants at POD 1 and Algar.The two JACOS plants could be connected via pipelines to ship bitumen or diluent to Connacher's POD1 so that the railroad and truck shipping facilities at POD 1 could be used to ship dilbit and bitumen to buyers.

5) Both JACOS plants and Connacher's plants use essentially the same technology and were designed and constructed by Drifter Projects so the employees at JACOS and Connacher know the operations and could easily move around employees within.

6) Once JACOS buys Connacher they would then do another JV with Nexen to construct Connacher's expansion at Algar. JACOS would be able to use the increased cash flow that they have coming in from their completed 35,000 bbl/d expansion project at Hangingstone to pay for their share of the Algar expansion with Nexen participating in the Algar expansion JV.

So you see JACOS is the logical bidder to take out Connacher.

Cheers; Scott