?Compton Petroleum Corp., Calgary, (NYSE: CMZ; Toronto: CMT) is terminating the sale process it initiated in late August with advisors Tristone Capital Inc. and UBS Securities Canada Inc. due to a lack of acceptable offers.


The company reports a significant number of interested parties signed confidentiality agreements and received corporate presentations, and considerable interest was shown in the company’s gas operations. “None of these parties made an acceptable offer for all of Compton’s common shares, citing the unprecedented public market turbulence in recent weeks,” the company reports. “Accordingly, the board of directors has ceased all marketing efforts to effect a corporate sale.”


Several parties were interested in purchasing selected properties where the capital requirement would be more manageable than the cost of a corporate transaction, but Compton decided to retain its reserve base.

Compton’s reserves are in Alberta, primarily in the Deep ?Basin including Niton, Hooker and Callum/Cowley, and the shallow-gas Plains Belly River and Edmonton group in southern Alberta.


“Given the current environment, it is unrealistic to expect to conclude a satisfactory transaction that properly recognizes our asset values. As such, Compton has decided to focus on operating as an independent company.

The directors and management are committed to the enhancement of shareholder value and to providing a rewarding environment for all employees to achieve this goal,” the company states.

?sale upon lack of offers
Additionally, president and chief executive Ernie Sapieha plans to retire but remain active as a director. He will remain as CEO until a successor is named.

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