Connacher likely “for sale,” after CEO exit

Connacher Oil and Gas Ltd. is ripe for a buyout now that its longtime CEO has departed the company, analysts say.

Investors pushed shares of the small oilsands player up more than nine per cent Thursday morning after Connacher announced in a release that chief executive Dick Gusella has “relinquished” his positions, including his role as chairman, president and interim chief operating officer.

Gusella had been with the company for 11 years.

A week after three other senior executives exited the leadership team at Connacher, Gusella’s departure is being viewed as positive by analysts who believe the oilpatch veteran was blocking strategic alternatives for a company under fire from investors — including calls for an outright sale — over its high debt load, operational struggles and sagging stock price.

Read Full Article from Calgary Herald

- Posted: 2012-01-12 14:09:55

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