Connacher Oil and Gas

What Connacher Oil and Gas does

Connacher Oil and Gas Limited is a Calgary-based, privately held in-situ oil sands producer whose entire operating footprint is concentrated on a single asset: a 100% operated working interest in the Great Divide oil sands leases near Fort McMurray, Alberta. The company's only commercial activity is the extraction and sale of bitumen produced from two Steam-Assisted Gravity Drainage (SAGD) facilities — referred to as Algar and POD One — that recover heavy oil from oil sands formations located approximately 475 meters below surface. Connacher holds 441 million barrels of proved plus probable (2P) reserves at Great Divide, with a near-term development plan targeting approximately 23,000 bbls/day of production against 2026 average guidance of ~19,500 bpd.

The company monetizes this production through direct sales of bitumen and heavy oil to refineries and downstream energy processors in Canada and other North American markets, with product evacuation handled via existing pipeline and trucking infrastructure. Its revenue model is therefore a commodity production-and-sale transaction model, with realized pricing tied to heavy oil benchmarks net of regional differentials. Connacher's customer base consists of energy industry buyers seeking heavy crude feedstock, and the company maintains ESTMA and Modern Slavery Act compliance frameworks consistent with Canadian extractive-sector transparency requirements.

In July 2026, Greenfire Resources agreed to acquire Connacher for approximately C$1.277 billion in an all-cash transaction, with closing expected in August 2026. The combination is intended to merge Great Divide with Greenfire's adjacent Hangingstone property and generate approximately C$30 million in annual synergies. The company is led by CEO Jeremy Gizen (appointed 2024) and an executive team with prior experience at Athabasca Oil, MEG Energy, Baytex, and other heavy oil producers, focused on SAGD reservoir optimization and North American oil marketing.

Name

Connacher Oil and Gas

Legal name

Connacher Oil and Gas Limited

Website

https://connacheroil.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

101–250 employees

Short description

Connacher Oil and Gas is a Calgary-based, privately held in-situ oil sands producer that operates two SAGD facilities at its 100%-owned Great Divide project near Fort McMurray, Alberta, selling bitumen and heavy oil directly to North American refiners and downstream processors.

Ownership category

akta.pro rank

Product category

Oil Sands Production

NAICS

Crude Petroleum Extraction (21112)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Unconventional Resources Development (Shale/Tight, CBM) (EUALAAAH)

Keywords

• Oil sands production
• Bitumen extraction
• SAGD operations
• Heavy oil recovery
• In-situ thermal recovery

Headquarters

HQ city

Calgary

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Bitumen/Oil Production and Sales: Connacher generates revenue through the production and sale of bitumen extracted from its Great Divide oil sands project using SAGD technology. The company produces heavy oil/bitumen for sale into North American energy markets.

Distribution channels1 record

Marketing channels1 record

Core offering

Connacher Oil and Gas is an in-situ oil sands producer that extracts bitumen from the Great Divide oil sands leases near Fort McMurray, Alberta using Steam-Assisted Gravity Drainage (SAGD) technology. The company holds a 100% operated working interest in its assets, with 2P reserves of approximately 441 million barrels and steady production of bitumen sold to downstream markets.

Product overview

Connacher Oil and Gas is a Calgary-based in-situ oil sands producer operating a single focused asset portfolio. The company's core offering centers on the Great Divide Oil Sands Project, in which it holds a 100% operated interest. Production is enabled through two SAGD (Steam-Assisted Gravity Drainage) facilities that extract bitumen from deep formations approximately 475 meters below surface. The company is executing a development plan to increase and maintain production at approximately 23,000 bbls/day.

Differentiator

Problem solved

Functional benefit

Products and services

• Great Divide Oil Sands Project
• Bitumen Sales (Dilbit Production)

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators5 records

Recent moves5 records

Expansion highlights3 records

Broad incumbents

• Suncor Energy: Canada's largest integrated oil sands producer with mining and in-situ operations plus refining and retail. Comparable on the upstream oil sands side but with much broader portfolio, integrated downstream, and larger scale.
• Cenovus Energy: Major integrated Canadian oil sands producer operating Foster Creek and Christina Lake SAGD assets. Overlapping SAGD technology and Alberta geography but at materially larger scale and with downstream integration.
• Canadian Natural Resources: Canada's largest crude oil producer with significant oil sands mining and in-situ thermal operations. Comparable in extraction of Alberta oil sands but operates at vastly greater scale with diversified asset base.
• Imperial Oil: Major Canadian integrated energy company with substantial oil sands mining (Kearl) and in-situ (Cold Lake) operations. Comparable in oil sands extraction but operates within a much larger integrated portfolio including downstream and chemicals.

Direct peers

• Athabasca Oil: Calgary-based in-situ thermal oil sands producer operating the Leismer SAGD project and holding Hangingstone interests. Direct peer in SAGD technology and Alberta oil sands focus, and a previous employer of Connacher's CEO.
• Greenfire Resources: Calgary-based in-situ oil sands producer operating the Hangingstone SAGD project immediately adjacent to Connacher's Great Divide asset; Greenfire is the announced acquirer of Connacher. Closest comparable by asset type, technology (SAGD), and scale.
• Baytex Energy: Calgary-based heavy oil producer with thermal and primary heavy oil operations across Alberta and Saskatchewan. Comparable as a Canadian heavy oil producer with thermal extraction focus; previous employer of Connacher's CEO.
• MEG Energy: Calgary-based SAGD-focused in-situ oil sands producer operating the Christina Lake project. Highly comparable in extraction technology, geography (Alberta oil sands), and mid-cap scale relative to Connacher.

Regional players

• Tourmaline Oil: Canada's largest natural gas producer with associated liquids production across the Western Canadian Sedimentary Basin. Comparable as a Calgary-headquartered intermediate E&P at similar scale, though focused on natural gas rather than thermal oil sands.
• Whitecap Resources: Calgary-based intermediate E&P with a diversified Western Canadian asset portfolio including light, heavy, and liquids-rich gas production. Comparable as a Canadian upstream peer at similar enterprise scale, though less concentrated in thermal oil sands.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Connacher Oil and Gas