Libra Advisors, LLC Acquires Common Shares of Compass Petroleum Ltd. for
Investment Purposes

TORONTO, June 1 /CNW/ - Libra Advisors, LLC ("Libra"), announced today that in connection with an amalgamation agreement (the "Amalgamation") between Compass Petroleum Ltd. ("Compass"), Sun Red Capital Corporation ("Sun Red") and Compass Acquisition Corp. ("AcquisitionCorp."), Compass shares were issued to former holders of subscription receipts of AcquisitionCorp. As a result, Libra has acquired, on behalf of Libra Fund, LP and Libra Offshore Master Fund, LP (the "Funds"), 2,962,900 common shares of Compass Petroleum Ltd. ("Compass") at a price of $1.35 per share.

As a result of the Amalgamation and together with the previously held common shares, the Funds now own 3,248,615 common shares representing approximately 10.14% of the total outstanding common shares of Compass.

Libra acquired these common shares on behalf of the Funds for investment purposes and may, from time to time, acquire additional securities of Compass or dispose of such securities as it may deem appropriate.

Libra is the investment advisor to Libra Fund, LP and Libra Offshore Master Fund, LP with principal offices at 909 Third Avenue, 29th Floor, New York, NY 10022.

For further information: Mr. Ranjan Tandon, Managing Member at [phone]