Business
Compton Petroleum Corporation interim operational update
Compton Petroleum Corporation interim operational update.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Nov. 1 /CNW/ - Compton Petroleum Corporation ("Compton" or the\n"Company") is pleased to provide an interim operational update of activities\nto the end of October 2007.\n\n\nIn a news release dated July 11, 2007 we outlined our plans for the\nremainder of 2007 and the longer term direction for the Company. At that time,\nMr. Sapieha, Compton's President and CEO, said, "2007 is the year during which\nall the elements necessary for the Company's next phase of growth will be put\nin place. We view 2007 as a transition year for Compton, a year in which the\nstage is set for the large well counts that are necessary for production\ngrowth and the realization of the value inherent in our natural gas resource\nplays." Our overall strategy was that of focusing entirely on the four natural\ngas resource plays in two core areas in southern and central Alberta.\n\n\nWe also stated that industry conditions were such that mid 2007 was the\ntime to implement this initiative given:\n\n- our increasing understanding and confidence in our natural gas\n resource plays,\n- the strength of our resource teams and ability to attract talented\n professionals,\n- an improving industry cost structure,\n- favourable regulatory developments relating to down-spacing and\n production commingling,\n- opportunities to expand in core areas at reasonable costs, and\n- an expectation of strengthening natural gas prices.\n\nKey elements of this strategy included:\n\n- an expanded drilling program,\n- the hiring of essential technical and management staff to execute on\n our strategy,\n- the longer term procurement of goods and services at favourable fixed\n costs, and\n- the divestment of non-core properties and the redeployment of this\n capital to our core resource plays, including strategic acquisitions\n where available.\n\nSince July we have concentrated on the implementation of this strategy and\nhave successfully executed on a number of the key elements. We have made\nconsiderable progress towards positioning Compton to realize on its potential\ndeveloped over the past years:\n\n- we have demonstrated our ability to manage large drilling programs;\n we ramped-up our program during the third quarter, drilling 130 wells\n during the period, 57 of which were drilled in the month of\n September,\n- we have added t...