Connacher Oil and Gas Limited previously advised that its Board of Directors has initiated a process to review the Company's business plans and review strategic options. Goldman Sachs and RBC Capital Markets have been engaged to assist the Board of Directors in connection with this strategic review.

Connacher will be issuing its 2012 first quarter results, as is normal, on May 15, 2012, following its regularly scheduled Board meeting. Preliminary data indicates that financial results will show improvement over the comparable period for 2011 and that production is within previously issued guidance. Connacher continues to expand its "dilbit by rail" strategy and leased railcar fleet in order to take advantage of excellent pricing (after transportation costs) for diluted bitumen railed to refineries on the Gulf Coast which are currently not accessible by pipeline. Pricing for diluted bitumen is quite volatile dependent on where in North America it is being purchased. This dilbit by rail strategy allows Connacher to mitigate this volatility to a considerable degree and provide additional options to its normal Alberta-based sales.

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