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Compton Petroleum Corporation - News Release
CALGARY, Feb. 28 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE - CMZ) wishes to announce...
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Feb. 28 /CNW/ - Compton Petroleum Corporation (TSX - CMT,\nNYSE - CMZ) wishes to announce that, in recognition of certain matters raised\nby Centennial Energy Partners, L.L.C., a significant shareholder of Compton,\nthe Board of Directors of Compton has determined to conduct a formal review of\nthe Company's business plans and strategic alternatives for enhancing\nshareholder value. This will include, among other things, exploring potential\nasset divestments, equity alternatives, strategic alliances, joint venture\nopportunities, mergers, or a corporate transaction.\n\n\nThe Board has appointed a Special Committee of its independent directors\nto conduct the review. The Special Committee is comprised of Mel F. Belich,\nChairman of the Board, and J. Stephens Allan, Irvine J. Koop, John W. Preston,\nJeffrey T. Smith and John A. Thomson. The Board has also appointed Tristone\nCapital Inc. and UBS Securities Canada Inc. as independent financial advisors\nto assist the Company in the conduct of this review.\n\n\nWith strengthening natural gas prices and the potential inherent in\nCompton's natural gas resource plays, the Company's current plans to realize\non this potential are expected to deliver shareholder value. The Special\nCommittee is undertaking the review to determine whether other alternatives\nmight result in superior value for shareholders.\n\n\nThe Company cautions shareholders that there is no assurance that the\nreview will result in any specific transaction and no timetable has been set\nfor its completion.\n\n\nThe Company is also pleased to announce that Mr. Peter Seldin, Managing\nMember of Centennial Energy Partners, L.L.C., has been appointed to the Board\nand the Special Committee.\n\n\nAdvisory\n\n\n--------\n\n\nCertain information regarding the Company contained herein constitutes\nforward-looking information and statements (collectively, "forward looking\nstatements") under the meaning of applicable securities laws, including\nCanadian Securities Administrators' National Instrument 51-102 Continuous\nDisclosure Obligations and the United States Private Securities Litigation\nReform Act of 1995. Forward-looking statements include estimates, plans,\nexpectations, opinions, forecasts, projections, guidance, or other statements\nthat are not statements of fact, including statements re...