Business
Compton Petroleum Corporation to Acquire WIN Energy Corporation
Compton Petroleum Corporation to Acquire WIN Energy Corporation.
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, Sept. 17 /CNW/ - Compton Petroleum Corporation ("Compton") and\nWIN Energy Corporation ("WIN") jointly announce that Compton will acquire, by\nway of a statutory plan of arrangement, all of the issued and outstanding\ncommon shares of WIN for cash consideration of $0.37 (thirty-seven cents) per\ncommon share and all of the issued and outstanding warrants of WIN for cash\nconsideration of $0.01 (one cent) per warrant. The total value of the\ntransaction is approximately $24 million (before transaction costs).\n\n\n"We are pleased to announce the proposed acquisition of WIN," said Ernie\nSapieha, President & C.E.O. of Compton. "This transaction fits with our\nstrategy of continued growth in our core areas and our focus on unconventional\nnatural gas resource plays. The acquisition of WIN creates significant\noperational synergies at Callum/Cowley and represents a strategic complement\nto Compton's Callum property - a thrusted, overpressured unconventional gas\nplay. With the acquisition, we will nearly double our acreage position to\n223 sections in this core future growth property, and will result in Compton\nhaving the dominant land and infrastructure position on the Callum/Cowley\ntrend."\n\n\nRobert Iverach, Chairman of WIN, added, "Compton, with its existing\nstrong presence in the area and expertise in the development of these complex\nreservoirs, is the logical company to acquire WIN."\n\n\nTransaction Highlights\n\n- WIN has 68,000 gross (53,600 net) acres of undeveloped land in\n Alberta and 93,600 gross (79,000 net) acres of exploratory land on a\n 10 year lease in Montana. The Cowley lands in Alberta are\n concentrated on the same thrusted Belly River trend as Compton's\n Callum area to the north;\n\n- WIN has 100% ownership of a one year old 10 MMCFD (thousand cubic\n feet per day) sweet gas plant in the Cowley area, some 22 miles south\n of Compton's Callum gas plant. This plant has been designed for easy\n expansion to 20 MMCFD with the installation of compression, and the\n primary pipeline infrastructure is in place, with a 35 kilometres\n 6 and 8 inch trunk line system through three townships of WIN and\n Compton interest lands. The plant is currently processing\n approximately 4 MMCFD of WIN and third party gas, with potential for\n future gro...