Compton announces second extension to cure period for payment of credit facility

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[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 18, 2012 /CNW/ - Compton Petroleum Corporation (TSX - CMT)\n announces the second extension of the cure period to June 8, 2012 for\n the repayment of $30.0 million drawn on its credit facility over the\n available amount of $110.0 million; previously due May 23, 2012. The\n extension reflects the progress made by the Corporation and RBC Capital\n Markets with its recapitalization.\n\n\nAbout Compton Petroleum Corporation\n\n\nCompton Petroleum Corporation is a public corporation actively engaged\n in the exploration, development and production of natural gas, natural\n gas liquids, and crude oil in western Canada.  The majority of our\n operations are located in the Deep Basin fairway of the Western Canada\n Sedimentary Basin, providing multi-zone potential for future\n development and exploration opportunity.\n\n\nAs natural gas comprises approximately 84% of Compton's production, the\n Corporation's 2012 program is impacted by the current natural gas price\n outlook.  When natural gas markets recover in the future, Compton can\n focus on our highest-return, liquids-rich natural gas area at Niton and\n balancing our portfolio through investment in emerging crude oil\n opportunities. Compton is well positioned in emerging oil plays that\n target the Bakken/Big Valley, Ellerslie and Glauconite Formations in\n the Southern Plains area as well as future exploratory potential\n through the joint venture on its Montana Bakken/Big Valley lands.\n\n\nThrough further improving operating efficiencies, maximizing returns on\n capital invested and focusing on higher return assets, Compton will\n create value by providing appropriate investment returns for\n shareholders. Compton's shares are listed on the Toronto Stock Exchange\n under the symbol CMT.\n\n\nAdvisories\n\n\nForward-Looking Statements\n\n\nCertain information regarding the Corporation contained herein\n constitutes forward-looking information and statements and financial\n outlooks (collectively, \"forward-looking statements\") under the meaning\n of applicable securities laws, including Canadian Securities\n Administrators' National Instrument 51-102 Continuous Disclosure\n Obligations and the United States Private Securities Litigation Reform\n Act of 1995.  Forward-looking statements include estimates, plans,\n expectations, opinions...

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