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Compton Petroleum Corporation announces normal course issuer bid
Compton Petroleum Corporation announces normal course issuer bid.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, March 19 /CNW/ - Compton Petroleum Corporation (TSX -- CMT, NYSE\n-- CMZ) has regulatory approval to commence a new normal course issuer bid to\nacquire an aggregate amount of up to 6,000,000 common shares in the capital of\nCompton. This represents approximately 4.7% of the issued and outstanding\ncommon shares of Compton as of March 9, 2007, there being 128,561,676 common\nshares outstanding as at that date.\n\n\nThe acquisition of the common shares through the normal course issuer bid\nwill occur over a period of 12 months, commencing on March 21, 2007 and ending\non March 20, 2008 unless terminated earlier by Compton.\n\n\nAny shares acquired by Compton under the bid will be on the open market\nthrough the facilities of the Toronto Stock Exchange (the "TSX") pursuant to\nthe rules of the TSX governing normal course issuer bids. The price that\nCompton will pay for any common shares will be the prevailing market price of\nsuch shares on the TSX at the time of acquisition. It is Compton's intention\nto acquire the common shares at prices that represent a discount to underlying\nnet asset value. After the common shares are acquired pursuant to the bid,\nthey will be cancelled by Compton.\n\n\nThe purpose for the acquisition and cancellation of the common shares\nthrough the normal course issuer bid is to provide capital appreciation for\nthe benefit of Compton's shareholders.\n\n\nAs at March 9, 2007, the Corporation acquired through a normal course\nissuer bid that commenced on March 17, 2006 and expired on March 16, 2007,\n246,200 common shares at an average cost of $11.94 per share.\n\n\nCompton Petroleum Corporation is a Calgary based, public company actively\nengaged in the exploration, development and production of natural gas, natural\ngas liquids and crude oil in the Western Canada Sedimentary Basin. Comptons's\ncommon shares are listed and traded on TSX under the symbol CMT and on the New\nYork Stock Exchange under the symbol CMZ.\n\n\n%SEDAR: 00003803E %CIK: 0001043572\n\n\n","length":2101,"tagName":"div"}]