Business
Compton reports 2007 year end results
CALGARY, March 25 /CNW/ - Compton Petroleum Corporation (TSX - CMT, NYSE - CMZ) is pleased to rep...
About this update from Cullinan Metals Corp
[{"type":"text","content":"\n\n\n\nCALGARY, March 25 /CNW/ - Compton Petroleum Corporation (TSX - CMT,\nNYSE - CMZ) is pleased to report its financial and operating results for the\nyear and quarter ended December 31, 2007.\n\n\n2007 HIGHLIGHTS\n\n- Reserve additions, proved plus probable 22 million boe (net of\n production & divestments),\n 9% increase\n\n- Reserve value, before tax $3.4 billion, 8% DCF\n\n- FD&A costs, $/boe\n Including change in future capital $12.86 proved plus probable\n $23.36 proved\n\n- 2007 Average production 31,326 boe/d\n\n- Production replacement 1.9 times\n\n- Adjusted cash flow from operations $196 million\n\n\nDrilling Results\n\n\nDuring 2007 Compton successfully completed a 322 well drilling program,\nwith a 97% success rate. Of the 322 wells drilled in 2007, 91% were classified\nas development wells and nine percent were classified as exploratory wells,\ncompared to 84% and 16% respectively in 2006. The higher percentage of\ndevelopment wells in the current year reflects the increasing success of our\noil and gas plays.\n\n\nOf particular note was our very successful horizontal drilling program\ntargeting the Rock Creek formation in the Niton area of central Alberta. We\ncompleted a total of six horizontal natural gas wells utilizing multi-stage\nfrac technology with excellent results. As announced in our recent news\nrelease of March 6, 2008 we are excited at the potential of applying this\ntechnology to other core areas including the Basal Quartz at Hooker and the\nBelly River in southern Alberta.\n\n\nDispositions and Acquisitions\n\n\nWe were also very active on the Acquisition and Divestment front during\n2007. We pursued our strategy of divesting of non-focus assets and the\nredeployment of the proceeds into our focus area natural gas plays. We closed\nnon-core property divestments, including our conventional light oil property\nat Worsley, for total net proceeds of $303.1 million. We also added to our\ncore areas through a series of property acquisitions that totaled\napproximately $73.7 million and completed two corporate acquisitions, Stylus\nEnergy Inc. and WIN Energy Corporation, that significantly expanded our\npresence in southern Alberta and the Foothills at a total cost of\n$131.4 million.\n\n\nReserve Growth\n\n\nOur 2008 activities resulted in strong reserve growth. We replaced 192%\nof our 2007 ...