Avenue Capital Management II, L.P. Disposes of All of Its Securities of Connacher Oil and Gas Limited

NEW YORK, March 13, 2018 /CNW/ - On March 12, 2018, certain funds ("Funds") managed by Avenue Capital Management II, L.P. ("Avenue") disposed of their ownership of 12,843,841 common shares ("Common Shares") of Connacher Oil and Gas Limited ("Connacher") and US$19,260,783 principal amount of 12% second lien convertible notes of Connacher due August 31, 2018 (the "New Convertible Notes") through a private agreement at a price of CAD$0.00 per Common Share and US$0.01 per New Convertible Note for total consideration to the Funds of CAD$2,472.

Immediately prior to the dispositions described above, the Common Shares and New Convertible Notes held by the Funds together constituted approximately 76% of the total number of Common Shares outstanding (assuming the conversion of all of the New Convertible Notes owned by the Funds and no other conversions of New Convertible Notes). Following the disposition described above, the Funds no longer own, or exercise control or direction over, any Common Shares or New Convertible Notes.

The Funds have no current intention to acquire any Common Shares or New Convertible Notes, but may, depending on market and other conditions, acquire beneficial ownership or control of Common Shares or New Convertible Notes through private agreements in the future.

Connacher's address is:

1040, 640 ? 5^th Avenue SW
Calgary, Alberta T2P 3G4

SOURCE Avenue Capital Management II, L.P.