Business
Compton Announces 2007 Operational Update and Longer Term Strategic Direction
Compton Announces 2007 Operational Update and Longer Term Strategic Direction.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, July 11 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE -\nCMZ) is pleased to provide an update of its operational plans for the second\nhalf of 2007 and the Company's strategic direction for 2008 through 2010.\n\n\nIn our news release of May 9, 2007, we stated that industry conditions\nand the Company's stage of development were such that the second half of 2007\nwas the time to move forward with the next phase of Compton's growth. We\nbelieve the current environment is an excellent time for us to launch this\ninitiative given the:\n\n\n- repeatability of our drilling programs based upon our ever increasing\n understanding and confidence in our natural gas resource plays and\n our geological and geophysical models,\n- strength of our technical teams and our continuing ability to attract\n talented professionals,\n- substantially improved industry cost structure,\n- favourable regulatory developments including down-spacing and\n production commingling policies,\n- opportunities for expansion, at reasonable costs, in our focus areas,\n- anticipated significant proceeds from the sale of our major oil\n properties at a time of historically high oil prices, and\n- expected longer term strengthening of natural gas prices based upon\n supply and demand fundamentals.\n\n\n"Compton is quickly moving towards its objective of becoming a pure\nnatural gas resource play story," said Mr. Sapieha, Compton's President and\nCEO. "2007 is the year during which all the elements necessary for the\nCompany's next phase of growth will be put in place. We view 2007 as a\ntransition year for Compton, a year in which the stage is set for the large\nwell counts that are necessary for production growth and the realization of\nthe value inherent in our natural gas resource plays."\n\n\nOur plans for the remainder of 2007 and beyond have been developed based\nupon our strong competitive position and include:\n\n\n- An expanded drilling program, focusing on development drilling for\n the second half of 2007 and increased drill programs for 2008 through\n 2010.\n\n We now plan to drill approximately 435 wells in 2007, with\n approximately 350 wells planned for the second half of 2007. Our\n longer term plans call for approximately 600 wells in 2008 increasing\n to 800 in 2009 and up to 1,000 wells in 2010, given fa...