CALGARY, Dec. 5, 2011, 2011 (Canada NewsWire via COMTEX) --
Compton Petroleum Corporation (TSX - CMT)
("Compton") is pleased to provide an update regarding the recent
management changes and its ongoing operations. The Board of Directors
("the Board") has retained a search firm and begun the process of
identifying candidates to fill the executive positions, with priority
on retaining a new Chief Executive Officer as quickly as possible. To
help facilitate the transition, Shannon Ouellette, Chief Operating
Officer, and David Horn, Vice President, Business Development and Land,
have agreed to remain at Compton through the first quarter of 2012.
"We are focused on quickly building a new executive team, and retaining
quality professionals for the executive and Board roles," said Dr.
Edward Bogle, interim Chief Executive Officer. "In the interim,
activities are continuing as normal and we look forward to a successful
winter drilling season."
The Board is meeting on Thursday, December 8, 2011 to finalize the 2012
capital program and the short-term strategy until a new Chief Executive
Officer is appointed. The Board will look closely at discretionary
spending until a new management team is in place and the go-forward
strategy is developed with that team, Compton will provide an update on
plans following the Board meeting.
"The entire Board is committed to taking prudent steps to protect and
increase Compton's value for the benefit of all shareholders," said
Adrian Loader, the Chairman of the Board of Directors. "Despite some
near term challenges, we very much believe in the strength and
potential of the asset base. Compton's future potential is strong."
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) the key dates in relation to the Recapitalization; (ii)
the completion of the Recapitalization and its impact on the
Corporation, (iii) cash flow and capital and operating expenditures,
(iv) exploration, drilling, completion, and production matters, (v)
results of operations, (vi) financial position, and (vii) 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 the
status of the Corporation. 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 corporation actively engaged
in the exploration, development and production of natural gas, natural
gas liquids, and crude oil in western Canada. The majority of our
operations are located in the Deep Basin fairway of the Western Canada
Sedimentary Basin, providing multi-zone potential for future
development and exploration opportunity.
With approximately 84% natural gas, our strategy has shifted to
developing our high-return, liquids-rich natural gas area at Niton and
balancing our portfolio through emerging crude oil opportunities to
offset continued low natural gas prices. Compton maximizes value by
concentrating on properties that generate strong returns on capital
investment, such as the Rock Creek Formation at Niton, and developing
new horizons such as the Wilrich and Notikewin. Compton's emerging oil
plays target the Bakken/Big Valley, Ellerslie and Glauconite Formations
in the Southern Plains area as well as future exploratory potential
through the joint venture on its Montana Bakken/Big Valley lands. The
successful development of these areas is expected to provide growth in
oil production and reserves, further augmenting our large natural gas
reserves that can be capitalized on when natural gas markets recover.
Through further improving operating efficiencies, maximizing returns on
capital invested and focusing on higher return assets, Compton will
create value by providing appropriate investment returns for
shareholders. Compton's shares are listed on the Toronto Stock Exchange
under the symbol CMT.
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SOURCE: Compton Petroleum Corporation
Susan J. Soprovich Director, Investor Relations Ph:(403) 668-6732 Fax:(403)
237-9410 Email:investorinfo@comptonpetroleum.com Website:www.comptonpetroleum.com