Compton Petroleum repays some revolver borrowings

By Sara Rosenberg

New York, Oct. 8 - Compton Petroleum Corp. paid down C$230 million of borrowings outstanding under its revolving credit facility between the June 30 through Sept. 30 timeframe, according to a news release.

As of Sept. 30, there was C$240 million drawn under the C$500 million revolver.

Funds for the paydown came primarily from asset sale proceeds. During the third quarter, Compton closed the sale of four minor non-core asset packages for total proceeds of C$212 million net of closing adjustments.

Compton is a Calgary-based company engaged in the exploration, development, and production of natural gas, natural gas liquids and crude oil.

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