Centennial Energy Partners, L.L.C.: Announcement
06 Outubro 2009 - 5:53PM
Marketwired
Centennial Energy Partners, L.P., Hoyt Farm Partners, L.P.,
Quadrennial Partners, L.P., Centennial Energy Partners V, L.P.,
Centennial Energy Partners, L.L.C., and Peter K. Seldin
(collectively the "Reporting Persons") announce that they in the
aggregate acquired 15,000,000 Units of Compton Petroleum
Corporation ("Compton") (TSX: CMT) (NYSE: CMZ) pursuant to the
underwritten public offering (the "Offering") which closed on
October 5, 2009. The purchase represents 10.9% of the total Units
issued in the Offering, including the exercise of the underwriters'
over-allotment option. Each Unit consists of one common share in
the capital of Compton and one full common-share purchase warrant,
exercisable at CDN $1.55 for a period extending 24 months from the
closing date.
Mr. Seldin also announces his resignation from the Board of
Directors of Compton effective immediately. Mr. Seldin joined the
Board in February, 2008 in order to participate in a review of
strategic alternatives. In a letter to Compton Management and the
Board dated today, Mr. Seldin states that the closing of the Unit
offering and the recently announced agreement to sell an overriding
revenue interest are important steps in the financial restructuring
of the Company. Both transactions, led by Compton's new management
team, serve to strengthen the balance sheet and establish Compton
as an on-going concern.
Centennial Energy Partners, L.L.C. is the General Partner of
Centennial Energy Partners L.P., Hoyt Farm Partners, L.P.,
Quadrennial Partners, L.P and Centennial Energy Partners V, L.P.
Mr. Seldin is the Managing Member of Centennial Energy Partners,
L.L.C. A condition to the completion of the Offering by the
underwriters was the agreement by each director to a 45-day lock-up
period following the closing wherein no common shares or warrants
to purchase common shares beneficially owned by them will be sold
or otherwise disposed of.
The purchase by the Reporting Persons of Units of Compton
pursuant to the Offering is for the purpose of investment. The
Reporting Persons have been a shareholder of Compton on a
continuous basis since 1997. Including the common shares acquired
in the Offering, the Reporting Persons own 40,545,796 common
shares, or 15.38% of issued and outstanding shares. Assuming the
warrants acquired pursuant to the Offering are exercised only by
the Reporting Persons, they may be deemed to own 19.94% of Compton.
The Reporting Persons may continue to purchase common shares of
Compton for investment purposes, depending on the market conditions
for shares of Compton and other factors.
Contacts: Centennial Energy Partners, L.L.C. 212-753-5150
Compton (NYSE:CMZ)
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