Compton Petroleum Selling 4 Propertiesadmin
Canadian natural gas and oil producer Compton Petroleum Corp. will sell four energy-producing properties for a total of $218 million.
The Calgary-based company did not name the buyers for the sites, which produce the combined equivalent of 3,700 barrels of oil per day. More than half of the production — 14.3 million cubic feet a day — is natural gas.
The largest of the sites, named Cecil, is expected to be sold once all rights are granted by midsummer. Sales of the three other sites, Zama, Thornbury, and the Peace River Arch, are expected to close about the same time.
Proceeds from the sale will be used to pay down bank debt.