ANNUAL REPORT 2011 - Connacher Oil and Gas

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AR 2011 PG 4 “Connacher remains bullish about the long-term price of bitumen.”
AR 2011 PG 5 Volatility in the oil and gas industry and new technologies and transportation initiatives made for an interesting year at Connacher. The first half of 2011 saw the continued ramp-up of Algar (which commenced production in August 2010) and a focus on increasing reliability at both Pod One and Algar. LETTER TO SHAREHOLDERS Dislocated pricing in the bitumen market due to pipeline outages and apportionment across North America resulted in Connacher pioneering the sale of diluted bitumen (dilbit) by rail to the Gulf and West coasts. Operational reliability continued to improve during the year as evidenced by reduced chemical usage, improved water treating and recycling rates, upgraded electrical services, improved downhole pump run life and optimized evaporator performance. Work continued during the year on the Great Divide expansion project, for which Connacher expects to obtain regulatory approval in the first half of 2012. The SAGD+ trial (where solvent is mixed with steam and injected into the reservoir) started in July and demonstrated very encouraging results as a way to improve well productivity and reduce steam:oil ratios (“SORs”). debt. Asset sales continued throughout the year and added to cash balances. Joint venture processes were initiated in the oil sands and light oil resource plays but were subsequently suspended. The refinery in Great Falls, Montana had strong results in 2011 as prices for refined products in its market area remained healthy throughout the year. In May 2011, the Company refinanced its long-term debt at lower coupon rates, extended maturities to 2018 and 2019 and reduced its exposure to U.S. dollar denominated debt by replacing a portion of its debt with Canadian dollar denominated
Page 1 and 2: ANNUAL REPORT 2011 WELL POSITIONED
Page 3 and 4: AR 2011 PG 1 02 HIGHLIGHTS 05 LETTE
Page 5: AR 2011 PG 3 Years ended December 3
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
Page 53 and 54: AR 2011 PG 51 Impairment of assets
Page 55 and 56: 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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