ANNUAL REPORT 2011 - Connacher Oil and Gas

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AR 2011 PG 46 Consolidated Balance Sheet Canadian dollar in thousands As at Notes December 31, 2011 December 31, 2010 January 1, 2010 ASSETS CURRENT ASSETS Cash $ 117,045 $ 19,532 $ 256,787 Trade and accrued receivables 5 62,999 57,419 43,067 Inventories 6 60,146 57,144 36,871 Other assets 7 12,697 17,653 17,774 Assets held for sale 8 – 88,157 – 252,887 239,905 354,499 NON–CURRENT ASSETS Other assets 7 676 615 3,419 Investment in associate 8 – – 48,240 Exploration and evaluation assets 9 117,429 110,949 96,162 Property, plant and equipment 10 1,234,634 1,217,668 1,123,914 1,352,739 1,329,232 1,271,735 $ 1,605,626 $ 1,569,137 $ 1,626,234 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES Trade and accrued payables 11 $ 126,367 $ 81,370 $ 104,804 Risk management contracts 12 7,610 8,984 4,520 Liabilities relating to assets held for sale 8 – 10,907 – Current portion of long–term debt 13 102,034 – – 236,011 101,261 109,324 NON–CURRENT LIABILITIES Risk management contracts 12 – 9,879 – Long–term debt 13 856,068 847,387 879,739 Decommissioning liabilities 14 66,078 60,038 53,729 Retirement benefit obligation 15 415 193 344 Deferred income taxes 16 25,978 27,192 34,501 948,539 944,689 968,313 SHAREHOLDERS’ EQUITY Share capital 17 620,266 618,628 593,119 Contributed surplus 18 38,841 36,107 31,040 Deficit (233,709) (119,604) (74,935) Accumulated other comprehensive loss (4,322) (7,452) (627) Accumulated other comprehensive loss relating to assets held for sale 8 – (4,492) – 421,076 523,187 548,597 $ 1,605,626 $ 1,569,137 $ 1,626,234 The accompanying notes to the consolidated financial statements are an integral part of these statements. Approved by the Board: D.H. Bessell, Director W.C. Seth, Director
AR 2011 PG 47 Consolidated Statements of Operations and Comprehensive Loss Canadian dollar in thousands, except per share amounts For the year ended December 31 Notes 2011 2010 INCOME Revenue, net of royalties 4 $ 872,806 $ 589,931 Interest and other income 979 256 873,785 590,187 EXPENSES Blending and costs of products sold 505,585 343,582 Production and operating 131,589 101,148 Transportation and handling 63,120 26,772 General and administrative 34,224 23,806 Share–based compensation 18.4 3,453 5,019 Exploration and evaluation expenses 210 964 Depletion, depreciation, amortization and impairment 122,009 79,842 (Gain) loss on risk management contracts 12 (2,127) 17,186 Finance charges 19 95,588 69,445 Refinancing of long–term debt 13.3 61,971 – Foreign exchange loss (gain) 20 8,909 (41,641) (Gain) loss on disposition of assets 21 (43,457) 811 Share of interest in and loss on disposition of associate 8.2 6,840 16,016 987,914 642,950 LOSS BEFORE INCOME TAX (114,129) (52,763) Income tax recovery 16 24 8,094 NET LOSS (114,105) (44,669) OTHER COMPREHENSIVE INCOME (LOSS) AFTER TAX Items recognized in other comprehensive income (loss) Exchange loss (gain) on translating foreign operations 3,130 (7,452) Available for sale financial asset 21 (9,080) – Share of other comprehensive loss of associate 16 – (4,287) Items reclassified to net earnings (loss) Available for sale financial asset 21 9,080 – Share of other comprehensive loss of associate 8.2 4,492 422 OTHER COMPREHENSIVE INCOME (LOSS) AFTER TAX 7,622 (11,317) TOTAL COMPREHENSIVE LOSS $ (106,483) $ (55,986) NET LOSS PER SHARE – basic and diluted 17 $ (0.25) $ (0.10) The accompanying notes to the consolidated financial statements are an integral part of these statements.
Page 1 and 2: ANNUAL REPORT 2011 WELL POSITIONED
Page 3 and 4: AR 2011 PG 1 02 HIGHLIGHTS 05 LETTE
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: AR 2011 PG 45 Independent Auditor
Page 51 and 52: AR 2011 PG 49 Consolidated Statemen
Page 53 and 54: AR 2011 PG 51 Impairment of assets
Page 55 and 56: AR 2011 PG 53 Goodwill is allocated
Page 57 and 58: AR 2011 PG 55 3.11 Leases Agreement
Page 59 and 60: AR 2011 PG 57 IAS 1 Presentation of
Page 61 and 62: AR 2011 PG 59 Reconciliation of seg
Page 63 and 64: AR 2011 PG 61 8.1 Petroleum and nat
Page 65 and 66: AR 2011 PG 63 10. PROPERTY, Plant a
Page 67 and 68: AR 2011 PG 65 Accounts receivable a
Page 69 and 70: AR 2011 PG 67 December 31, 2010 - C
Page 71 and 72: AR 2011 PG 69 13.3 Refinancing of l
Page 73 and 74: AR 2011 PG 71 Changes in present va
Page 75 and 76: AR 2011 PG 73 The provision for inc
Page 77 and 78: AR 2011 PG 75 The following table s
Page 79 and 80: AR 2011 PG 77 19. FINANCE Charges F
Page 81 and 82: AR 2011 PG 79 Compensation of key m
Page 83 and 84: AR 2011 PG 81 Estimates Hindsight w
Page 85 and 86: AR 2011 PG 83 Reconciliation of Con
Page 87 and 88: AR 2011 PG 85 27.3 Asset and Liabil
Page 89 and 90: AR 2011 PG 87 The following table s
Page 91 and 92: CORPORATE INFORMATION Board of Dire

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