CALGARY, Mar 29, 2012, 2012 (Canada NewsWire via COMTEX) --Compton Petroleum Corporation (TSX -
CMT) announced today that its Board of Directors has approved the
filing of a Form 15 by the Company with the U.S. Securities and
Exchange Commission ("SEC") to voluntarily deregister its common shares
under the Securities Exchange Act of 1934 on or about March 30, 2012.
Compton is eligible to deregister its common shares because it had
fewer than 300 holders of record of its common shares at the beginning
of its fiscal year. Upon the filing of the Form 15, the Corporation's
obligation to file certain reports with the SEC, including Forms 40-F
and 6-K, will immediately be suspended, subject to a 90-day regulatory
comment period.
The Corporation made this decision after careful review of the costs and
benefits of being a U.S. reporting company. The savings derived from
this change are expected to be financially meaningful, and
deregistration is expected to allow Management to focus additional
attention to delivering shareholder value.
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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.
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 its reporting requirements in the United Stated and
the deregistration of its common shares. 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.
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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