Compton Announces First Basal Quartz Horizontal a Success



    CALGARY, March 6 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE -
CMZ) is very pleased to announce the results of its first Basal Quartz
horizontal well at Hooker and other recent operational activities.

    Hooker

    Compton has successfully completed the first horizontal well in southern
Alberta targeting the Hooker Basal Quartz formation utilizing multi-stage
fracturing technology. The well at 9-17-17-29W4 was drilled with a 700 metre
horizontal leg and is currently flow testing at six mmcf/d. It is scheduled to
be tied-in within two weeks. A second Basal Quartz horizontal well is
currently drilling at 15-30-16-29W5 and 15 follow-up locations have been
identified.
    While Compton has been employing horizontal drilling and multi-stage frac
technology in the Niton area of central Alberta with excellent results, the
9-17 well at Hooker is viewed to be of major significance in that it
establishes that this technology is applicable to the development of the
Hooker Basal Quartz play in southern Alberta. To date, the Hooker play has
been developed through drilling one to two vertical wells per section.
Reservoir modeling indicates up to four vertical wells per section may be
necessary to fully develop the play. A horizontal well could replace two to
three vertical wells, eliminating the need for extensive down-spacing in the
area.
    The existing Basal Quartz play, as currently delineated, extends over
four townships where Compton has an average working interest of approximately
85% and is the operator. Eighty vertical wells are currently on production.
Increased productivity from horizontal wells has the potential to
significantly accelerate production and the recovery of reserves, thereby
increasing the net present value of the play. Infrastructure necessary to
accommodate the accelerated production growth and development of this play is
largely in place.

    Niton

    In the Niton area of central Alberta, we are continuing to pursue the
Rock Creek formation utilizing horizontal drilling combined with multi-stage
fracturing. We have drilled a total of five horizontal natural gas wells in
township 53, range 15 W5 and are now drilling to the south west in
township 52, ranges 16 and 17 W5 where Compton controls a total of 14 sections
of land with an average 85% working interest and is the operator. Late in
2007, we drilled a discovery well at 1-31-52-16W5 that was placed on
production at 3.5 mmcf/d and is currently producing approximately 2.1 mmcf/d.
    To date in 2008 we have drilled two additional wells in the area and a
third well is currently drilling. The first well tested 3.0 mmcf/d and most
recently, the well at 4-27-52-17W5 completed at the end of February, is
currently flow testing at 11 mmcf/d. The third well is scheduled to be
completed later this month. Production from these wells will be facility
constrained pending the completion of additional compression and gathering
lines. This work is currently underway and is scheduled for completion by the
end of March barring any delay resulting from an early break-up. A total of 10
additional locations are planned for this area in 2008.

    Economics

    The cost to drill, complete, and tie-in these horizontal wells, including
a five stage frac, is in the range of $3.8 to $4.2 million dollars per well.
As a result of the limited production history, a definitive standardized
production profile for these wells has not yet been determined, however, we
expect high initial decline rates in the first year of production typical of
tight sandstone formations. Assuming a production profile similar to that of a
vertical well that declines 50% to 60% in the first year and 8% to 12% per
year thereafter, the Niton well at 4-27-52-17W5 would pay-out in four months
and the Hooker well at 9-17-17-29W4 would pay-out in seven to eight months,
assuming a natural gas price of $8.00/mcf. By comparison, a Hooker vertical
well with a cost of $1.8 million and an initial production rate of 1.8 mmcf/d
would pay-out in 13 to 14 months.

    Additional Applications

    This technology has the potential to significantly accelerate production
and reserve recovery from our natural gas resource plays. We intend to apply
it to our Plains Belly River Play and will spud two horizontal Belly River
wells within the next week. A number of additional potential locations have
been identified.

    Other Developments

    Concurrent with strengthening of commodity prices Compton has been
systematically layering in hedge contracts. Currently we have hedged, for the
period from April 1, 2008 through October 31, 2008, 71,250 mcf/d (75,000 gj/d)
with an average floor and ceiling price of $7.47/mcf and $8.32/mcf
respectively, and 28,500 mcf/d (30,000 gj/d) for the period November 1, 2008
through March 31, 2009 with an average floor and ceiling price of $8.44/mcf
and $9.34/mcf respectively. Additionally, we have entered into a fixed price
contract for 1,000 bbls/d of crude oil at US$93.00/bbl for the period March 1,
2008 through December 31, 2008. As previously stated, it is our goal to hedge
forward approximately 50% of production. We expect to continue layering in
hedge contracts to reach this goal.

    2007 Year End Reporting

    We are currently finalizing our December 31, 2007 year end reports which
will be released on Tuesday March 25th followed by a conference call on
Wednesday March 26th.

    Advisory

    Certain information regarding the Company 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 (iv) 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 Company'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, 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" or
"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
recent operational and hedging activities. 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 Company's forward-looking statements are
expressly qualified in their entirety by this cautionary statement.

    Compton Petroleum Corporation is a Calgary-based public company actively
engaged in the exploration, development, and production of natural gas,
natural gas liquids, and crude oil in the Western Canada Sedimentary Basin.
Compton's shares are listed on the Toronto Stock Exchange under the symbol CMT
and on the New York Stock Exchange under the symbol CMZ.

    %SEDAR: 00003803E          %CIK: 0001043572




For further information:

For further information: E.G. Sapieha, President & CEO, N.G. Knecht, VP
Finance & CFO, or Lorna Klose, Manager Investor Relations, Telephone: (403)
237-9400, Fax (403) 237-9410; Website: www.comptonpetroleum.com; Email:
investorinfo@comptonpetroleum.com

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