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Connacher is a growing exploration, development and production company with a focus on producing bitumen and expanding its in-situ oil sands projects located near Fort McMurray, Alberta

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Message: ENOUGH!!

ENOUGH!!

posted on May 27, 2009 06:43AM

Many of us here reflect the typical shareholder of Connacher. We have been long suffering and loyal owners of the stock and supporters of the Company. It is fair and reasonable to say we have all been long suffering in our support of Connacher and most of us would now realize considerable loss were we to sell our position in Connacher. It is also reasonable to assume that many, if not most of us deeply regret our position in and support of Connacher in what we now recognize as betrayal in substance.

One area however needs to be addressed as it is inherently unfair to all existing shareholders. That is the policy of how dilution of employee option shares are treated when dilution takes place as is now proposed.

"Insiders" for those unfamiliar with the plan are sheltered from the consequences of dilution. This takes the form of the number of apportioned and individually controlled shares being automatically inflated in number by the percentage effect of the dilution. ie; If an "insider owns 5,000 shares under the plan, and a 100% dilution takes place, the "insiders" number of granted option shares automatically is increased to 10,000. Obviously, following the compound effect of succesive generations of dilution, the impact on the "non insider" common shareholders becomes truly onerous in its marginalization of their ownership interest in the Corporation.

Such a provision in the Corporate Bylaws is in my opinion is unfairly discriminatory with respect to the "non insider" holders of Connacher and should be addressed by revocation of this element post haste. Pardonez moi mon Francais but, enough of this BS is enough! To quote Benjamin Franklin, "a little revolution every now and again, is a good thing"!

Accordingly, my proposal is that a movement to promote such a change in the Corporate Bylaws be implemented immediately through Share Holder action so as to prevent the contiuing marginalization of our common interests!

Brian Miller



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