Friday, July 2, 2010

Compton Petroleum (TSE:CMT) Closes $115 Million Asset Sale

In one of two divestation of assets, Compton Petroleum (TSE:CMT) (PK:CMZPF) announced it has closed on one of the transaction in the Niton and Gilby area for $115 million. Niton and Gilby are located in Central Alberta.

Once the second transaction is closed, the company will raise a total of $150 million from the combined sales. The $35 million transaction should close sometime in the middle of July.

Compton also received the last of its payments for its sale of 5 percent of its overriding royalty, which came to $9.5 million (the final payment).

Compton said they'll use the capital to pay down its debt and development for the rest of 2010.

No comments: