Compton Petroleum announces management changes
08 June 2009 - 10:00PM
PR Newswire (US)
CALGARY, June 8 /PRNewswire-FirstCall/ -- Compton Petroleum
Corporation (TSX - CMT, NYSE - CMZ) wishes to announce the
resignation of Mr. Gary Follensbee, Vice President, Engineering
& Exploitation, effective June 30, 2009. The Company also
announces that Ms. Shannon Ouellette has joined Compton in a new
position as Vice President, Operations & Development, effective
today. Ms. Ouellette brings extensive experience in operations and
asset development through her 17 years experience in the petroleum
industry. Previously, she was Vice President, Operations at TAQA
North Ltd. where she managed all field operations and played a
leading role in integrating the TAQA North and PrimeWest Energy
Inc. ('PrimeWest') assets. Her operational experience also includes
managing the PrimeWest and Shiningbank Energy Income Fund assets
post merger. Prior to that, Ms. Ouellette was responsible for
leading various operational teams as Team Manager at PrimeWest. Her
career also includes field based production engineering positions
at Suncor Energy Inc. and Amerada Hess Canada. She holds a Bachelor
of Science in Chemical Engineering as well as a Masters of
Engineering, both from the University of Calgary. Ms. Ouellette is
a professional engineer and is a member of the Association of
Professional Engineers, Geologists and Geophysicists of Alberta.
"I'm glad to welcome Shannon Ouellette to Compton," said Tim
Granger, President and Chief Executive Officer. "Shannon's
operational and engineering expertise along with her business
acumen will prove beneficial as we work on optimizing the value of
our assets going forward. With this latest addition, we have the
core management team in place to provide strategic direction and
maximize future value for shareholders." Mr. Granger continued, "I
would like to sincerely thank Gary for his contribution to Compton
over the past 10 years. His role in the development of the Company
is greatly appreciated and on behalf of the Board and the Company,
I wish him well in his future endeavors." In addition, the Company
would like to report that it received notice from the New York
Stock Exchange that it is in compliance with listing standards as
set out by the Exchange; specifically, that the average closing
price of Compton's securities were greater than US$1.00 over a
consecutive thirty trading day period. As such, the Company is no
longer considered to be below the US$1.00 continued listing
criterion as described in Compton's news release of January 23,
2009. Forward-Looking Statements Certain information regarding the
Company contained herein constitutes forward-looking information
and statements and financial outlooks (collectively,
"forward-looking statements") under the meaning of applicable
securities laws, including Canadian Securities Administrators'
National Instrument 51-102 Continuous Disclosure Obligations and
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements include estimates, plans, expectations,
opinions, forecasts, projections, guidance, or other statements
that are not statements of fact, including statements regarding (i)
cash flow and capital and operating expenditures, (ii) exploration,
drilling, completion, and production matters, (iii) results of
operations, (iv) financial position, and (v) other risks and
uncertainties described from time to time in the reports and
filings made by Compton with securities regulatory authorities.
Although Compton believes that the assumptions underlying, and
expectations reflected in, such forward-looking statements are
reasonable, it can give no assurance that such assumptions and
expectations will prove to have been correct. There are many
factors that could cause forward-looking statements not to be
correct, including risks and uncertainties inherent in the
Company's business. These risks include, but are not limited to:
crude oil and natural gas price volatility, exchange rate
fluctuations, availability of services and supplies, operating
hazards, access difficulties and mechanical failures, weather
related issues, uncertainties in the estimates of reserves and in
projection of future rates of production and timing of development
expenditures, general economic conditions, and the actions or
inactions of third-party operators, and other risks and
uncertainties described from time to time in the reports and
filings made with securities regulatory authorities by Compton.
Statements relating to "reserves" and "resources" are deemed to be
forward-looking statements, as they involve the implied assessment,
based on estimates and assumptions, that the reserves and resources
described exist in the quantities predicted or estimated, and can
be profitably produced in the future. The forward-looking
statements contained herein are made as of the date of this news
release solely for the purpose of generally disclosing Compton's
changes in management. Compton may, as considered necessary in the
circumstances, update or revise the forward-looking statements,
whether as a result of new information, future events, or
otherwise, but Compton does not undertake to update this
information at any particular time, except as required by law.
Compton cautions readers that the forward-looking statements may
not be appropriate for purposes other than their intended purposes
and that undue reliance should not be placed on any forward-looking
statement. The Company's forward-looking statements are expressly
qualified in their entirety by this cautionary statement. About
Compton Petroleum Corporation Compton Petroleum Corporation is a
Calgary-based public company actively engaged in the exploration,
development, and production of natural gas, natural gas liquids,
and crude oil in the Western Canada Sedimentary Basin. Compton's
shares are listed on the Toronto Stock Exchange under the symbol
CMT and on the New York Stock Exchange under the symbol CMZ.
DATASOURCE: Compton Petroleum Corporation CONTACT: Susan J.
Soprovich, Director, Investor Relations, Ph: (403) 668-6732, Fax:
(403) 237-9410, Email: , Website: http://www.comptonpetroleum.com/
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