Compton Petroleum announces equity offering

    CALGARY, Sept. 10 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE
- CMZ) is pleased to announce that it has filed a preliminary short form
prospectus in each of the provinces of Canada, except Quebec, in connection
with a potential public offering (the "Offering") of units of Compton (the
"Units"). Each Unit will consist of one common share in the capital of Compton
(a "Common Share") and one full common share purchase warrant of Compton, as
determined in the context of the market.
    The Offering will be conducted through a syndicate of underwriters
intended to be led by Canaccord Capital Corporation. The Offering will be
priced in the context of the market with the final terms of the Offering to be
determined at the time of pricing. The net proceeds of the Offering will be
used to reduce Compton's bank debt and to strengthen its capital position.
    The Offering will be sold publicly in each of the provinces of Canada,
except Quebec, and in the United States pursuant to the multi-jurisdictional
disclosure system implemented by securities regulatory authorities in the
United States and Canada, and in such other jurisdictions as may be
determined. A registration statement relating to these securities has been
filed with the United States Securities and Exchange Commission but has not
yet become effective. The securities may not be sold nor may offers to buy be
accepted prior to the time the registration statement becomes effective. This
news release shall not constitute an offer to sell or the solicitation of an
offer to buy nor shall there be any sale of these common shares in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such
    The Offering is subject to certain customary conditions and regulatory
approvals, including the approval of the Toronto Stock Exchange and the New
York Stock Exchange.
    A copy of the prospectus relating to the securities may be obtained by
visiting SEDAR at or on the SEC's website at

    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 disclosing the equity issue.
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.

    About Compton Petroleum Corporation

    Compton Petroleum Corporation is a 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.

    %CIK: 0001043572

For further information:

For further information: Susan J. Soprovich, Director, Investor
Relations, Ph: (403) 668-6732, Fax: (403) 237-9410, Email:, Website:

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