Compton Petroleum Corporation reported that, in recognition of certain matters raised by Centennial Energy Partners, L.L.C., a significant shareholder of Compton, the Board of Directors of Compton has determined to conduct a formal review of the Company's business plans and strategic alternatives for enhancing shareholder value. This will include, among other things, exploring potential asset divestments, equity alternatives, strategic alliances, joint venture opportunities, mergers, or a corporate transaction.
The Board has appointed a Special Committee of its independent directors to conduct the review. The Special Committee is comprised of Mel F. Belich, Chairman of the Board, and J. Stephens Allan, Irvine J. Koop, John W. Preston, Jeffrey T. Smith and John A. Thomson. The Board has also appointed Tristone Capital Inc. and UBS Securities Canada Inc. as independent financial advisors to assist the Company in the conduct of this review.
With strengthening natural gas prices and the potential inherent in Compton's natural gas resource plays, the Company's current plans to realize on this potential are expected to deliver shareholder value. The Special Committee is undertaking the review to determine whether other alternatives might result in superior value for shareholders.
The Company cautions shareholders that there is no assurance that the review will result in any specific transaction and no timetable has been set for its completion.
The Company is also pleased to announce that Mr. Peter Seldin, Managing Member of Centennial Energy Partners, L.L.C., has been appointed to the Board and the Special Committee.
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