Compton closes final $35 million asset sale transaction
15 Julho 2010 - 9:05AM
PR Newswire (Canada)
CALGARY, July 15 /CNW/ -- CALGARY, July 15 /CNW/ - Compton
Petroleum Corporation (TSX - CMT) is pleased to announce that it
has completed the final portion of the sales transactions from its
previously announced disposition of a portion of its assets in the
Niton and Gilby areas in Central Alberta. Proceeds from this
transaction were $35 million. FirstEnergy Capital Corp. acted as a
financial advisor to Compton with respect to the asset sale. Gross
proceeds from the two sales transactions were $150 million,
including those from the first sales which closed at the end of
June. Proceeds will be used to reduce outstanding indebtedness and
provide additional capital for Compton's 2010 development program.
Advisories Forward-Looking Statements Certain information regarding
the Corporation contained herein constitutes forward-looking
information and statements and financial outlooks (collectively,
"forward-looking statements") under the meaning of applicable
securities laws, including Canadian Securities Administrators'
National Instrument 51-102 Continuous Disclosure Obligations and
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements include estimates, plans, expectations,
opinions, forecasts, projections, guidance, or other statements
that are not statements of fact, including statements regarding (i)
cash flow and capital and operating expenditures, (ii) exploration,
drilling, completion, and production matters, (iii) results of
operations, (iv) financial position, and (v) other risks and
uncertainties described from time to time in the reports and
filings made by Compton with securities regulatory authorities.
Although Compton believes that the assumptions underlying, and
expectations reflected in, such forward-looking statements are
reasonable, it can give no assurance that such assumptions and
expectations will prove to have been correct. There are many
factors that could cause forward-looking statements not to be
correct, including risks and uncertainties inherent in the
Corporation's business. These risks include, but are not limited
to: crude oil and natural gas price volatility, exchange rate
fluctuations, availability of services and supplies, operating
hazards, access difficulties and mechanical failures, weather
related issues, uncertainties in the estimates of reserves and in
projection of future rates of production and timing of development
expenditures, general economic conditions, and the actions or
inactions of third-party operators, and other risks and
uncertainties described from time to time in the reports and
filings made with securities regulatory authorities by Compton.
Statements relating to "reserves" and "resources" are deemed to be
forward-looking statements, as they involve the implied assessment,
based on estimates and assumptions, that the reserves and resources
described exist in the quantities predicted or estimated, and can
be profitably produced in the future. The forward-looking
statements contained herein are made as of the date of this news
release solely for the purpose of generally disclosing Compton's
views of the asset sales transactions. Compton may, as considered
necessary in the circumstances, update or revise the
forward-looking statements, whether as a result of new information,
future events, or otherwise, but Compton does not undertake to
update this information at any particular time, except as required
by law. Compton cautions readers that the forward-looking
statements may not be appropriate for purposes other than their
intended purposes and that undue reliance should not be placed on
any forward-looking statement. The Corporation's forward-looking
statements are expressly qualified in their entirety by this
cautionary statement. About Compton Petroleum Corporation Compton
Petroleum Corporation is a public company actively engaged in the
exploration, development and production of natural gas, natural gas
liquids, and crude oil in western Canada. Our strategy is focused
on creating value for shareholders by providing appropriate
investment returns through the effective development and
optimization of assets. The Corporation's operations are located in
the Deep Basin fairway of the Western Canada Sedimentary Basin. In
this large geographical region, we pursue three deep basin natural
gas plays: the Rock Creek sands at Niton in central Alberta, the
Basal Quartz sands at High River in southern Alberta, and the
shallower Southern Plains sand play in southern Alberta. In
addition, we have an exploratory play at Callum/Cowley in the
Foothills area of southern Alberta. Being in the Deep Basin, all
areas have multi-zone potential, providing future development and
exploration opportunity. Natural gas represents approximately 84%
of reserves and production. Compton's shares are listed on the
Toronto Stock Exchange under the symbol CMT. %CIK: 0001043572 Susan
J. Soprovich, Director, Investor Relations, Ph: (403) 668-6732,
Fax: (403) 237-9410, Email: investorinfo@comptonpetroleum.com,
Website: www.comptonpetroleum.com
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