ANNUAL REPORT 2011 - Connacher Oil and Gas

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CORPORATE PROFILE Connacher Oil and Gas Limited is in an enviable operating position in the midst of one of the world’s largest accumulations of crude oil or bitumen located in the north eastern Athabasca region of Alberta. Since 2004, Connacher has established itself as a significant independent player in the Canadian oil sands industry with an enterprise value in excess of $1.3 billion and an underlying pre-tax and after-tax net asset value which is significantly higher. While we are one of the smaller companies engaged in the business, our reviews say we are nimble, innovative and committed to the efficient modular expansion of our productive capacity. We also have conventional crude oil and natural gas properties and a profitable 9,500 bbl/d heavy crude oil refinery in Great Falls, Montana. Our integrated approach is designed to mitigate risk and our proved and probable reserve base of half a billion barrels should facilitate a long run of success and value enhancement. CONTENT Connacher’s 2011 Annual GENERAL Meeting June 28, 2012 3:00 PM (MDT) Calgary Petroleum Club – Devonian Room 319 – 5 Avenue SW, Calgary, Alberta 5 LETTER TO SHAREHOLDERS Connacher is committed to maximizing shareholder value in 2012. 9 OPERATIONS REVIEW Connacher’s first steam assisted gravity drainage project has been producing bitumen since late 2007.
AR 2011 PG 1 02 HIGHLIGHTS 05 LETTER TO SHAREHOLDERS 09 REVIEW OF OPERATIONS 12 RESERVES 12 RESERVES Connacher’s estimated proved and probable oil and natural gas reserves total approximately 504 million barrels of oil equivalent. 16 HEALTH, SAFETY AND THE ENVIRONMENT Connacher is committed to developing its resources responsibly. 16 HEALTH, SAFETY AND THE ENVIRONMENT 18 MANAGEMENT AND BOARD OF DIRECTORS 19 MANAGEMENT’S DISCUSSION AND ANALYSIS 44 CONSOLIDATED FINANCIAL STATEMENTS IBC CORPORATE INFORMATION
Page 1: ANNUAL REPORT 2011 WELL POSITIONED
Page 5 and 6: AR 2011 PG 3 Years ended December 3
Page 7 and 8: AR 2011 PG 5 Volatility in the oil
Page 9 and 10: AR 2011 PG 7 “Thanks to our liqui
Page 11 and 12: AR 2011 PG 9 Review of Operations I
Page 13 and 14: AR 2011 PG 11 proposals helped to p
Page 15 and 16: AR 2011 PG 13 reservoir description
Page 17 and 18: AR 2011 PG 15 Connacher Oil and Gas
Page 19 and 20: AR 2011 PG 17 the movement of wildl
Page 21 and 22: AR 2011 PG 19 MANAGEMENT’S DISCUS
Page 23 and 24: AR 2011 PG 21 reduced interest rate
Page 25 and 26: AR 2011 PG 23 Connacher’s bitumen
Page 27 and 28: AR 2011 PG 25 OPERATING COSTS (1) T
Page 29 and 30: AR 2011 PG 27 SALES PRODUCT MIX (%)
Page 31 and 32: AR 2011 PG 29 Depletion expense is
Page 33 and 34: AR 2011 PG 31 NEW NOTES We issued U
Page 35 and 36: AR 2011 PG 33 Compensation of key m
Page 37 and 38: AR 2011 PG 35 ACCOUNTING POLICIES A
Page 39 and 40: AR 2011 PG 37 The company classifie
Page 41 and 42: AR 2011 PG 39 Management is respons
Page 43 and 44: AR 2011 PG 41 The production outloo
Page 45 and 46: AR 2011 PG 43 QUARTERLY HIGHLIGHTS
Page 47 and 48: AR 2011 PG 45 Independent Auditor
Page 49 and 50: AR 2011 PG 47 Consolidated Statemen
Page 51 and 52: AR 2011 PG 49 Consolidated Statemen
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AR 2011 PG 51 Impairment of assets
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AR 2011 PG 53 Goodwill is allocated
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AR 2011 PG 55 3.11 Leases Agreement
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AR 2011 PG 57 IAS 1 Presentation of
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AR 2011 PG 59 Reconciliation of seg
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AR 2011 PG 61 8.1 Petroleum and nat
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AR 2011 PG 63 10. PROPERTY, Plant a
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AR 2011 PG 65 Accounts receivable a
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AR 2011 PG 67 December 31, 2010 - C
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AR 2011 PG 69 13.3 Refinancing of l
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AR 2011 PG 71 Changes in present va
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AR 2011 PG 73 The provision for inc
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AR 2011 PG 75 The following table s
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AR 2011 PG 77 19. FINANCE Charges F
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AR 2011 PG 79 Compensation of key m
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AR 2011 PG 81 Estimates Hindsight w
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AR 2011 PG 83 Reconciliation of Con
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AR 2011 PG 85 27.3 Asset and Liabil
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AR 2011 PG 87 The following table s
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CORPORATE INFORMATION Board of Dire
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ANNUAL REPORT 2011 - Connacher Oil and Gas

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