Connacher Oil and Gas : Announces Extension and Waiver

MEDIA RELEASE

May 5, 2014

FOR IMMEDIATE RELEASE Connacher Extends May 31, 2014 Credit Facility Renewal Date and Obtains Senior Lender Consent to Covenant Waiver

Calgary, Alberta - On May 2, 2014 Connacher Oil and Gas Limited (CLL - TSX; "Connacher" or the "Company") received unanimous consent from the lenders under the Amended and Restated Senior Secured Revolving Credit Facility (the "Credit Facility") to extend the maturity date from May 31, 2014 to July 31, 2014 and to waive the requirement to comply with Total Consolidated Debt to Total Capitalization Ratio covenant under Credit Facility at March 31, 2014 and June 30, 2014.

About Connacher

Connacher is a Calgary-based in-situ oil sands developer, producer and marketer of bitumen. The Company holds a 100 per cent interest in approximately 500 million barrels of proved and probable bitumen reserves and operates two steam assisted gravity drainage facilities located on the Company's Great Divide oil sands leases near Fort McMurray, Alberta.
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Contact Chris Bloomer Greg Pollard

Chief Executive Officer Chief Financial Officer

Connacher Oil and Gas Limited

Phone: [phone]
Fax: [phone]
Suite 900, 332 - 6th Avenue SW Calgary, Alberta T2P 0B2 [e-mail]
www.connacheroil.com

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