Compton reports nine percent increase in reserves and normal course issuer bid



    CALGARY, March 19 /CNW/ - Compton Petroleum Corporation (TSX - CMT,
NYSE - CMZ) is pleased to announce reserves for the year ended December 31,
2007.
    During 2007 Compton achieved solid proved plus probable reserve additions
at competitive finding and development costs. We successfully completed our
322 well drilling program, replacing 192% of our 2007 production at an all-in
Finding, Development, and Acquisition cost ("FD&A") of $9.98/boe, excluding
change in future capital, and $12.89/boe, including change in future capital.
    "Compton's 2007 proved plus probable reserves grew by nine percent and
are now valued in excess of $3.4 billion dollars, using a discount rate of
eight percent," said Ernie Sapieha, President & CEO. "We added 2.3 million boe
proved and 22 million boe proved plus probable reserves, after production and
asset sales and including acquisitions, for total proved plus probable
reserves of 271 million boe as at December 31, 2007. This number equates to
2.10 boe per common share outstanding, versus 1.93 boe last year, also an
increase of nine percent."
    Consistent with the Company's strategy of redeploying capital from
non-core assets into its focus areas of operations, the Company closed a
number of property divestments and strategic acquisitions during the year.
Year end 2007 reserves reflect these transactions. During the year Compton
acquired a total of 18.9 mmboe proved plus probable reserves at a total cost
of $206 million or $10.93 per boe and sold 11.4 mmboe proved plus probable
reserves for total proceeds of $262 million or $21.50 per boe. Excluding
acquisitions and dispositions, 26.7 mmboe were added during the year at a cost
of $14.58 per boe, proved plus probable, excluding future capital, and $18.21
per boe including future capital.
    2007 capital expenditures include $111.2 million on equipment and
facilities including significant expenditures relating to pipeline compression
facilities. At year end the Company had 45 mmcf/d excess compression capacity
in southern Alberta that will expedite production additions in 2008.

    Reserves

    Netherland, Sewell & Associates Inc. ("NSAI"), independent reserve
evaluators, have completed an evaluation of 96% of Compton's petroleum and
natural gas reserves in accordance with National Instrument 51-101. The
remaining four percent of the Company's reserves have been evaluated
internally.

    
    -------------------------------------------------------------------------
    As at December 31,
     (mmboe, except where noted)                2007     2006     % Increase
    -------------------------------------------------------------------------

    Total proved plus probable reserves          271      249             9%
    Total proved reserves                        150      147             2%
    Reserve value, proved + probable,
     before tax
      8% DCF (millions)                       $3,406   $3,312             3%
      10% DCF (millions)                      $2,919   $2,845             4%
    -------------------------------------------------------------------------


    Reserve Summary: Company Interest Before Royalties

    -------------------------------------------------------------------------
    As at December 31,            2007                        2006
    -------------------------------------------------------------------------
                               Crude oil
                       Natural  Sulphur    Total              Total
                         gas    & Ngls    (mboe)    % of     (mboe)     %
                        (bcf)   (mbbls)    (6:1)    Proved    (6:1)   Proved
    -------------------------------------------------------------------------

    Proved
      Producing          502    20,232    103,881     69%     98,337     67%
      Non-producing       55     1,367     10,464      7%     14,364     10%
      Undeveloped        188     3,927     35,215     24%     34,517     23%
    -------------------------------------------------------------------------
    Total proved         745    25,526    149,564    100%    147,218    100%
    Probable             625    17,265    121,255            101,537
    -------------------------------------------------------------------------
    Total proved
     plus probable     1,369    42,791    270,819            248,755
    -------------------------------------------------------------------------
    Boe per share
     o/s                                     2.10               1.93
    -------------------------------------------------------------------------
    Numbers may not add due to rounding.


    Net Present Value of Reserves

    -------------------------------------------------------------------------
                                      Future net revenue before income taxes
                                                discounted at a rate of
                                     ----------------------------------------
                                               0%          8%         10%
                                     ----------------------------------------
                                            ($000)      ($000)      ($000)
    Proved
      Producing                           $2,871,487  $1,452,542  $1,304,364
      Non-producing                          383,001     182,516     160,474
      Undeveloped                          1,020,126     415,622     344,872
    -------------------------------------------------------------------------
    Total proved                          $4,274,614  $2,050,680  $1,809,710
    Probable                               3,800,077   1,355,781   1,109,123
    -------------------------------------------------------------------------
    Total proved plus probable            $8,074,691  $3,406,461  $2,918,833
    -------------------------------------------------------------------------
    Price forecasts as of December 31, 2007 used in the above evaluations are
    an average of the forecasts of four major engineering firms in Calgary,
    Alberta as at December 31, 2007.  Numbers may not add due to rounding.


    Finding, Development, and Acquisition ("FD&A") Costs

    -------------------------------------------------------------------------
    ($/boe)                                           2007    3 Year Average
    -------------------------------------------------------------------------
    Total Proved, excluding change in future
     capital                                        $24.25            $15.23
    Total Proved, including change in future
     capital                                        $23.42            $17.86
    -------------------------------------------------------------------------
    Proved + Probable, excluding change in future
     capital                                        $ 9.98            $ 8.27
    Proved + Probable, including change in future
     capital                                        $12.89            $13.18
    -------------------------------------------------------------------------


    Reserve Reconciliation -- Forecast Prices and Costs
    -------------------------------------------------------------------------
                                      Crude oil, Ngls, &
                                             Sulphur          Natural Gas
    -------------------------------------------------------------------------
                                       Proved   Probable   Proved   Probable
                                       (Mbbl)    (Mbbl)     (Bcf)     (Bcf)
    -------------------------------------------------------------------------
    December 31, 2006                  32,745     17,827      687        502
    Extensions, improved recovery,
     & discoveries                      1,460      1,770       60        113
    Technical Revisions                 2,254     -3,377       14        -39
    Acquisitions                        1,386        948       49         50
    Dispositions                       -9,753        -14      -13         -1
    Production                         -2,616          0      -53          0
    -------------------------------------------------------------------------
    December 31, 2007                  25,477     17,154      745        625
    -------------------------------------------------------------------------


    Reserve Reconciliation -- Forecast Prices and Costs
    -------------------------------------------------------------------------
                                                          Total
    -------------------------------------------------------------------------
                                                                      Proved
                                                                       plus
                                                Proved   Probable   Probable
                                                (Mboe)     (Mboe)     (Mboe)
    -------------------------------------------------------------------------
    December 31, 2006                          147,218    101,537    248,755
    Extensions, improved recovery,
     & discoveries                              11,511     20,549     32,059
    Technical Revisions                          4,627     -9,847     -5,221
    Acquisitions                                 9,583      9,269     18,851
    Dispositions                               -11,940       -252    -12,192
    Production                                 -11,434          0    -11,434
    -------------------------------------------------------------------------
    December 31, 2007                          149,564    121,255    270,819
    -------------------------------------------------------------------------
    


    Normal Course Issuer Bid

    Compton has regulatory approval to commence a new normal course issuer
bid to acquire an aggregate amount of up to 6,000,000 common shares in the
capital of Compton. This represents approximately 4.6% of the issued and
outstanding common shares of Compton as of March 10, 2008, there being
129,194,721 common shares outstanding as at that date. The average daily
trading volume of the common shares of Compton on the Toronto Stock Exchange
(the "TSX") for the previous six calendar months was 457,197 per day.
    The acquisition of the common shares through the normal course issuer bid
will occur over a period of 12 months, commencing on March 25, 2008 and ending
on March 24, 2009 unless terminated earlier by Compton.
    Any shares acquired by Compton under the bid will be on the open market
through the facilities of the Toronto Stock Exchange (the "TSX") pursuant to
the rules of the TSX governing normal course issuer bids. The price that
Compton will pay for any common shares will be the prevailing market price of
such shares on the TSX at the time of acquisition. It is Compton's intention
to acquire the common shares at prices that represent a discount to underlying
net asset value. After the common shares are acquired pursuant to the bid,
they will be cancelled by Compton.
    The purpose for the acquisition and cancellation of the common shares
through the normal course issuer bid is to provide capital appreciation for
the benefit of Compton's shareholders.
    As at March 10, 2008, the Corporation acquired through a normal course
issuer bid that commenced on March 21, 2007 and expires on March 20, 2008,
354,000 common shares at an average cost of $9.75 per share.

    2007 Year End Financial Results and Conference Call

    Compton will release its year end results on March 25, 2008, after market
close. Additional reserve disclosures will be provided, together with audited
year end results, as at that date. Information relating to a subsequent
conference call, including dial-in information, will be included in the
March 25 news release.

    Forward Looking Statements

    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.

    Corporate Information

    Compton Petroleum Corporation is an independent, public company actively
engaged in the exploration for and development and production of natural gas,
natural gas liquids, and crude oil in western Canada. Our activities are
focused primarily in the Deep Basin fairway in the province of Alberta, in the
Western Canada Sedimentary Basin. Our growth and reserve base results
predominantly from our exploration and development drilling programs.
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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