CALGARY, June 25 /CNW/ - Compton Petroleum Corporation (CMT - TSX, CMZ -
NYSE) wishes to announce that as a result of its offer to acquire Stylus
Energy Inc., the release of its 2007 revised budget, including planned capital
expenditures and guidance relating to production and cash flow for the year,
as well as a summary of the Company's longer term strategic plans, has been
rescheduled to Wednesday July 11, 2007. A conference call to discuss our
updated 2007 budget is scheduled for that day at 1:30 pm (MT) or 3:30 pm (ET).
Our offer, announced earlier today, relating to the acquisition of Stylus
Energy Inc. and the resulting inclusion of its activities into our 2007 and
longer term plans has occasioned the need to reschedule. The Stylus
transaction reflects our continuing strategy of expansion and concentration on
our focus natural gas resource plays. Approximately 65% of Stylus activities
lay within our land base in southern Alberta and, together with their
significant 3D seismic base, will assist in the development of our longer term
plans for the area.
We intend to accelerate the rationalization of our asset base and the
redeployment of capital from non-core properties into the development of our
focus natural gas resource properties. This process commenced with the
announcement of the sale of our oil properties in the Peace River Arch area of
Alberta. With the Stylus transaction announced today, we now intend to divest
of an additional $40 to $50 million of non-core assets during the second half
We look forward to outlining in greater detail our plans for the
remainder of 2007 and 2008 in the July 11, 2007 update.
Compton Petroleum Corporation is a Calgary based company principally
engaged in the exploration, development, and production of natural gas and
natural gas liquids in the Western Canada Sedimentary Basin. Compton's shares
are listed on the Toronto Stock Exchange under the symbol "CMT" and the New
York Stock Exchange under the symbol "CMZ".
Statements in this news release may contain forward-looking information.
The reader is cautioned that assumptions used in the preparation of such
information may prove to be incorrect. Events or circumstances may cause
actual results to differ materially from those predicted, as a result of
numerous known and unknown risks, uncertainties and other factors, many of
which are beyond the control of the Company. These risks include, but are not
limited to; the risks associated with the oil and gas industry, commodity
prices and exchange rate changes. Industry related risks include, but are not
limited to; operational risks in exploration, development and production,
delays or changes in plans, risks associated with the uncertainty of reserves
estimates, health and safety risks and the uncertainty of estimates and
projections of reserves, production, costs, and expenses. The reader is
cautioned not to place undue reliance on this forward-looking information.
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For further information:
For further information: E.G. Sapieha, President and Chief Executive
Officer, or N.G. Knecht, Vice President, Finance and Chief Financial Officer,
or Lorna Klose Manager, Investor Relations, Telephone: (403) 237-9400,
Facsimile: (403) 237-9410, Email: email@example.com, Website: