CEO of Connacher Oil and Gas Forced to Sell Shares

Oct.14.08 | About: Connacher Oil (CLLZF)

The troubled financial markets can list Richard Gusella, CEO of Connacher Oil and Gas Ltd. (OTCPK:CLLZF), among its many victims.

Mr. Gusella has been forced to sell almost half of his common share holdings involuntarily this month due to a margin loan call.  He sold 615,000 company common shares from Oct. 3 to Oct. 8, 2008 at prices ranging from C$1.78 to C$2.63, bringing these total holdings to 682,087 shares.

The CEO told Connacher's board:

[I am] very disappointed to have been required to sell any shares of Connacher involuntarily but the sales were obviously triggered by the unprecedented deterioration in capital markets triggered by the worldwide credit and ensuing financial crisis.

Mr. Connacher added in the statement that he remains confident in Connacher's outlook and expects to add to his holdings at some point in the future.