The Board of Directors of Compton Petroleum Corporation, on the unanimous recommendation of the Special Committee, has determined to commence a process to seek a buyer for all of the outstanding common shares of the Company. Tristone Capital Inc. and UBS Securities Canada Inc. will continue their role as financial advisors to the Company in connection with the sale process which is expected to conclude this autumn.
A Steering Committee working in close liaison with the Company's Executive Team and the Financial Advisors, will oversee the sale process. The members of the Steering Committee are Mel Belich, Q.C., Irv Koop, P.Eng., Jeff Smith, P.Geol., and John Thomson, C.A.
The Company recognizes the significant value of the efforts of its dedicated professional and support staff and the importance of maintaining an on-going capital expenditure program during this transition period. Most of the Company's staff are equity holders of the Company and have a direct interest in realizing the maximum value from the sale process.
On the capital expenditure front, all efforts will be directed to maximizing shareholder value during the sale period. Of particular note, the Company has recently experienced considerable success in applying horizontal drilling and multi-stage frac technology to several of its resource plays at Niton and Hooker and will focus its efforts on these opportunities during the sale process to ensure value recognition.
As previously announced, the Company is proceeding with potential sales of certain non-core properties which will result in Compton becoming a highly focused non-conventional natural gas company as it commences the sale process.
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