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Compton Petroleum: Asset Sales Misses Target

Posted on July 01, 2008

Sometimes, less is more. Compton Petroleum Corp. (CMZ), in its quest to focus on relatively pure unconventional natural gas plays and dress itself up, has sold four of the five assets it put on the auction block, but will pocket less cash than expected. It received bids on all five non-core assets, but only accepted four of the offers for a total of C$218-million. Terry Peters, an analyst at Canaccord Adams, expected Compton to rake in C$250-million. The money will be used to pay down debt....

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gas , petroleum