2009-10-27-2009-09-28

To buy ORRI representing 1,170 BOE/d.

Compton Petroleum Corp., Calgary, (Toronto: CMT; NYSE: CMZ) plans to sell various overriding royalties to two undisclosed buyers for approximately C$54.5 million with an option for an additional C$47.5 million, for total potential proceeds of C$102 million. The transactions include the sale of a 2.5% overriding royalty (ORR) with an option to purchase an additional 2.5% ORR by Dec. 24. Assuming the full exercise of the option, the ORR will represent 5% of the gross production revenue on Compton's existing land base. Substantially all of Compton's current proved, probable and possible assets are included in this ORR. Compton has operations in the Basal Quartz sands at Hooker in southern Alberta, the Gething/Rock Creek sands at Niton and Caroline in central Alberta, and the Plains Belly River sand play in southern Alberta. The transactions represent approximately 1,170 barrels of oil equivalent per day of production based on second-quarter 2009 results. These transactions combined with the recently announced equity offering are expected to reduce total debt by approximately $263 million. Should the option not be exercised, proceeds available to reduce debt are C$216 million related to 635 barrels of oil equivalent per day of production. Scotia Waterous Inc. is financial advisor to Compton.