Compton reports second quarter 2011 results

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[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 11, 2011 /CNW/ - Compton Petroleum Corporation (TSX: CMT)\n reports its financial and operating results for the quarter ended June\n 30, 2011. The full text of Management's Discussion and Analysis\n (\"MDA\") and the Corporation's unaudited consolidated financial\n statements can be found on the Corporation's website at www.comptonpetroleum.com and at www.sedar.com.\n\n\nIt should be noted that the interim consolidated financial statements\n and comparative information has been prepared in accordance with\n International Financial Reporting Standard 1, \"First-time Adoption of\n International Financial Reporting Standards\", and with International\n Accounting Standard 34, \"Interim Financial Reporting\", as issued by the\n International Accounting Standards Board.  Previously, the Corporation\n prepared its interim and annual consolidated financial statements in\n accordance with Canadian Generally Accepted Accounting Principles\n (\"Previous GAAP\").\n\n\nQ2 2011 in Review \n\n\nSummary of Results:\n\n\nCash flow was $7.1 million or $0.01 per diluted share\n\n\nOperating loss was $9.4 million\n\n\nNet loss was $7.7 million or $0.03 per diluted share\n\n\nCapital investment was $8.53 million, before acquisitions and\n divestitures\n\n\nAchievements:\n\n\nAverage daily production was 12,748 boe/d, notwithstanding the impact of\n a major plant turnaround during the period\n\n\nReduced cost structure by a combined $10.4 million from the second\n quarter of 2010:\n\n\nOperating costs decreased by $4.4 million or 26% as a result of reduced\n production levels and the Corporation's continued focus on efficiency\n\n\nAdministrative costs decreased by 28% or $1.6 million due to\n restructuring completed at the end of 2010\n\n\nInterest and finance charges decreased by 32% or $4.4 million as a\n result of lower debt levels in 2011 compared to 2010\n\n\nParticipated in three non-operated wells, focusing on higher economic\n returns from liquids rich natural gas\n\n\nBegan the development of other potential formations at Niton with the\n drilling of a Wilrich (Spirit River) horizontal well; early results are\n encouraging and reinforce the strategy to pursue this formation once\n capital is available\n\n\nAnnounced a proposed recapitalization plan of arrangement (the\n \"Recapitalization\") to make Compton's...

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