Objectives

Connacher’s overall objective is to create shareholder value. Specific goals that contribute to the achievement of this objective are as follows:

• Optimize bitumen production at Pod One
• Finish Algar construction on-time and on-budget
• More than double 2009 bitumen production in 2011
• Reach 50,000 bbl/d of bitumen production by the end of calendar 2015
• Expand in the space – increase reserves and resources organically and through selective purchases

Strategies

To date, Connacher has used innovative and committed strategies in pursuit of its objectives.

• We own and operate large working interests in oil sands and conventional oil and gas properties
• We focus on projects characterizing expandability, repeatability and sustainability
• We mitigate and manage risks of a smaller company in the oil sands with an integrated approach
• We operate with financial discipline, maintain a high level of liquidity and prefund major capital programs

Refer to forward-looking information disclaimer.