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Connacher Reports Recapitalization Plan

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Connacher Reports Recapitalization Plan

Connacher Oil and Gas Limited announces its financial and operating results for the quarter and the year-ended December 31, 2014 (all amounts are in Canadian dollars unless otherwise noted).

Proposed Recapitalization Transaction

On January 30, 2015 , the Company announced the Recapitalization aimed at significantly reducing the Company's debt and annual interest expense, and providing additional liquidity to fund ongoing operations.

As a result of the Recapitalization:

Connacher will reduced its total debt by approximately $1 billion from $1.2 billion ; Connacher will reduce its annual interest payments by approximately $80 million per year; Connacher will be relieved from the obligation to pay cash interest in respect of the second lien senior notes as accrued and unpaid interested will…
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