Connacher's Secured Term Debt Facilities Assigned Improved Rating By Standard and Poor's


    CALGARY, June 18 /CNW/ - Connacher Oil and Gas Limited ("CLL" - TSX)
announced today that Standard and Poor's ("S&P") in a June 2007 Commentary
Report has assigned an improved credit rating to the company's US$180 million
secured term loan B and US$15 million secured working capital facility, while
retaining a Recovery rating of 1 (indicating the expectation of a 100%
recovery) for both facilities.
    The new rating on the term loan B (arranged to finance construction of
the Great Divide Pod One project) and on the working capital facility (for the
company's Montana refining operation) has now been set at BB by S&P, compared
to BB- in their prior analysis, completed in September 2006.
    The company's overall corporate rating has been maintained at B+.

For further information:

For further information: Richard A. Gusella, President and Chief
Executive Officer, Connacher Oil and Gas Limited, Phone (403) 538-6201, Fax
(403) 538-6225, inquiries@connacheroil.com, www.connacheroil.com