Compton Petroleum Corporation is pleased to announce its financial and operating results for the quarter ended June 30, 2008 and provide an update on its strategic review process.
STRATEGIC REVIEW PROCESS
On February 28, 2008, the Board of Directors of Compton announced that it was conducting a formal review of the Company's business plans and strategic alternatives for enhancing shareholder value.
The Board appointed a Special Committee comprised of independent directors to conduct the review and retained Tristone Capital Inc. and UBS Securities Canada Inc. as independent financial advisors to assist the Company in the conduct of the review. The review included, among other considerations, the exploration of potential asset divestments, equity alternatives, strategic alliances, joint venture opportunities, mergers or a corporate transaction.
On June 11, 2008, the Special Committee received independent reports and recommendations from its financial advisors and after due deliberation and on the recommendation of the Special Committee, the Board of Directors determined to commence a process to seek a buyer for all the outstanding shares of the Company.
Currently, the Company together with the advisors, are in the process of preparing a Data Room that will be accessible to interested purchasers in early September. The sale process is expected to conclude this autumn.
The Company is pursuing an active third quarter drilling program, however, in view of the sales process, will not be providing updated guidance nor hosting a conference call in relation to this news release. -- www.cnxmarketlink.com
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