2010-06-21-2010-06-10-2010-07-15

Sold Niton and Gilby gas assets in central Alberta, totaling 3,100 BOE/d, 9.4 MMBOE proved.

Compton Petroleum Corp., Calgary, (Toronto: CMP; NYSE: CMZ) has closed the sale of a portion of its Niton and Gilby gas assets in central Alberta to undisclosed buyers for approximately C$150.2 million.

Compton priced the sale metrics at C$48,500 per equivalent flowing barrel of production; C$15.90 per proved barrel equivalent; and C$10.64 per proved plus probable barrel equivalent.

The properties include production of approximately 3,100 barrels of oil equivalent per day on a combined basis at the effective date of the transactions. Net proved and net proved plus probable reserves were 9.4 million barrels equivalent and 14.1 million barrels equivalent, respectively, as of Dec. 31, 2009.

Compton will continue to provide significant upside potential through its multiple-zone development opportunities and contiguous leasehold totaling 165,019 gross acres (124,425 net), of which 93,105 gross acres (77,545 net) are undeveloped, in the Niton area. Approximately 11 gross wells will be drilled in 2010.

Tim Granger, Compton president and chief executive, previously said, "These transactions highlight the value of our assets, which is not currently being reflected in our share price. The overall deal metrics are excellent, resulting in high per flowing barrel and reserve values as compared to other recent natural gas transactions."

During the third and fourth quarters of 2010, the company anticipates drilling four gross Cardium wells in the Niton area and up to three Basal quartz wells at High River. Additionally, three wells in the Foothills area, one at Todd Creek and two at Callum/Cowley, will be drilled prior to year-end 2010.

Gross proceeds from the two sales transactions were $150 million. Proceeds will be used to reduce outstanding indebtedness and provide additional capital for Compton's 2010 development program.

FirstEnergy Capital Corp. was advisor to Compton.

Compton holds gas, natural gas liquids and oil interests in the Deep Basin fairway in Western Canada.