Business
Compton Petroleum announces closing of 2.5% ORR
Compton Petroleum announces closing of 2.5% ORR
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nOct. 27, 2009 (Canada NewsWire Group) -- CALGARY, Oct. 27 /CNW/ -- Compton Petroleum Corporation (TSX - CMT, NYSE - CMZ) is pleased to announce that it has completed the sale of its previously announced 2.5% overriding royalty ('ORR') for proceeds of $47.5 million.The sale includes an option to purchase an additional 2.5% ORR by December 24, 2009 for $47.5 million. Assuming the full exercise of the option, the ORR will represent 5% of the gross production revenue on the Corporation's existing land base less certain transportation costs and marketing fees, calculated on a monthly basis.Forward Looking StatementsCertain information regarding the Corporation 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 Management 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 Corporation'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 act...