CALGARY, June 8 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE -
CMZ) wishes to announce the resignation of Mr. Gary Follensbee, Vice
President, Engineering & Exploitation, effective June 30, 2009. The Company
also announces that Ms. Shannon Ouellette has joined Compton in a new position
as Vice President, Operations & Development, effective today.
Ms. Ouellette brings extensive experience in operations and asset
development through her 17 years experience in the petroleum industry.
Previously, she was Vice President, Operations at TAQA North Ltd. where she
managed all field operations and played a leading role in integrating the TAQA
North and PrimeWest Energy Inc. ('PrimeWest') assets. Her operational
experience also includes managing the PrimeWest and Shiningbank Energy Income
Fund assets post merger. Prior to that, Ms. Ouellette was responsible for
leading various operational teams as Team Manager at PrimeWest. Her career
also includes field based production engineering positions at Suncor Energy
Inc. and Amerada Hess Canada.
She holds a Bachelor of Science in Chemical Engineering as well as a
Masters of Engineering, both from the University of Calgary. Ms. Ouellette is
a professional engineer and is a member of the Association of Professional
Engineers, Geologists and Geophysicists of Alberta.
"I'm glad to welcome Shannon Ouellette to Compton," said Tim Granger,
President and Chief Executive Officer. "Shannon's operational and engineering
expertise along with her business acumen will prove beneficial as we work on
optimizing the value of our assets going forward. With this latest addition,
we have the core management team in place to provide strategic direction and
maximize future value for shareholders."
Mr. Granger continued, "I would like to sincerely thank Gary for his
contribution to Compton over the past 10 years. His role in the development of
the Company is greatly appreciated and on behalf of the Board and the Company,
I wish him well in his future endeavors."
In addition, the Company would like to report that it received notice
from the New York Stock Exchange that it is in compliance with listing
standards as set out by the Exchange; specifically, that the average closing
price of Compton's securities were greater than US$1.00 over a consecutive
thirty trading day period. As such, the Company is no longer considered to be
below the US$1.00 continued listing criterion as described in Compton's news
release of January 23, 2009.
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 (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 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, 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
changes in management. 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.
About Compton Petroleum Corporation
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.
For further information:
For further information: Susan J. Soprovich, Director, Investor
Relations, Ph: (403) 668-6732, Fax: (403) 237-9410, Email:
email@example.com, Website: www.comptonpetroleum.com