Compton Petroleum to repay bank debt with asset sale proceeds

By Sara Rosenberg

New York, June 26 - Compton Petroleum Corp. plans to reduce its bank debt using proceeds from the about C$218 million sale of four non-core asset packages, according to a news release.

The non-core asset packages, which are at Cecil, Zama, Thornbury and the Peace River Arch, relate to about 3,700 boe/d of production, comprised of about 14.3 mmcf/d of natural gas and 1,300 bbls/d of natural gas liquids and crude oil.

Closing on the sale of these assets is expected to occur around mid-summer.

Compton Petroleum is a Calgary-based explorer, developer and producer of natural gas, natural gas liquids and crude oil.

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