Connacher oilsands project resumes
CALGARY - A stalled oilsands project in northern Alberta has been taken off the shelf, investors attending a presentation by Connacher Oil and Gas Ltd. learned this morning.
President and chief executive Dick Gusella interrupted a presentation at the Canadian Association of Petroleum Producers to read an e-mail saying that a $200-million bond market issue had been completed and that the Connacher board had approved immediate reinstatement of the Algar in situ oilsands project.
"The money is in the bank," a beaming Gusella announced, noting that the bond issue, when added to a recent equity sale, gives the company $460 million on which it can draw.