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Compton Expects 2007 Production Growth of 11% to 14% on $375 Million Capital Investment Program
Compton Expects 2007 Production Growth of 11% to 14% on $375 Million Capital Investment Program.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Dec. 21 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE -\nCMZ) is pleased to announce its capital program and plans for 2007.\n\n\n2007 Program Highlights:\n\n- $375 million capital investment program\n- 330 well drilling program\n- Expected average production of 37,000 to 38,000 boe/d\n- Projected operating cash flow of $310 to $320 million\n- Emphasis on organic growth and disciplined capital spending\n\n\nBuilding on Success\n\n\nDuring 2006, Compton achieved a drilling success rate in excess of 90%\nand advanced the development of its core properties in all areas of\noperations. Compton's objectives for 2007 build upon this success by remaining\nfocused on the development of its unconventional natural gas resource plays\nand conventional light oil play. Activities for 2007 include a 330 well\ndrilling program and capital spending of $375 million.\n\n\n\"We have been building Compton for the long-term,\" said Ernie Sapieha,\nPresident and CEO. \"We are committed to our strategy of delivering growth\nthrough the drill bit. We have accumulated a very extensive land base and\nidentified four natural gas resource plays on these lands. Over the last few\nyears, our drilling programs have been designed to delineate the extent of\nthese plays, determine their resource potential, and prove our technical\nmodels and capital requirements. We have come a long way in this regard and\nthree of these resource plays are now largely defined and understood. Our\nconsistent reserve growth, at competitive costs, clearly demonstrates the\nvalue being created through the development of these plays and we believe we\nare now in position to realize on this value through production growth. Our\n2007 plans have been developed with this strategy in mind.\"\n\n\nIn 2007, Compton will concentrate on development drilling and an\nacceleration of on-stream timing with the view to production growth. At the\nsame time, increased emphasis will be placed on capital discipline. During\nperiods of high industry activity and continued high inflation, Compton\nbelieves it is prudent to move forward with a moderate capital spending\nprogram while completing its resource delineation phase. This should place the\nCompany in an excellent position to realize on its reserve base in 2008 and\nbeyond through accelerated production.\n\n\nIndustry C...