Compton Petroleum announces management changes
29 April 2009 - 10:30PM
PR Newswire (US)
CALGARY, April 29 /PRNewswire-FirstCall/ -- Compton Petroleum
Corporation (TSX - CMT, NYSE - CMZ) wishes to announce the
following management changes. Mr. Norman Knecht, Vice President,
Finance and Chief Financial Officer ('CFO'), has resigned from the
Company effective May 12, 2009. Mr. Knecht will continue in his
position until the Annual and Special General Meeting to facilitate
the transition with the new CFO. In addition, Mr. Murray Stodalka,
Vice President, Operations and Engineering, resigned from the
Company on March 31, 2009 to pursue other opportunities. Mr. C.W.
Leigh Cassidy, CA, CFA, will be appointed to the position of Vice
President, Finance and CFO upon Mr. Knecht's departure. In the
interim, Mr. Cassidy will act in an advisory capacity for the
Company. Mr. Cassidy is an accomplished senior financial executive,
bringing over 20 years of extensive restructuring, capital and debt
market experience with multi-national companies including Bow
Valley Energy, UTS Energy, Household International, Emtech Ltd. and
Procter and Gamble. Most recently, he was CFO of Bow Valley Energy,
where he directed negotiations with the international bank
syndicate and creditors for restructuring the company's credit
facilities, and navigated the company through a successful
strategic review process and company sale. At UTS Energy, Mr.
Cassidy structured, defined and arranged financing for the
company's interests as it changed its focus from a diverse natural
resources investor to the development of the Fort Hills oil sands
project. His career also included completing the structuring and
financing of Signet Energy and the strategic refocusing of
Household Financial Corporation. In his new position, Mr. Cassidy
will lead the Company's financial restructuring efforts, enhance
corporate reporting and stewardship and play an active role in the
development of the organization's strategic direction. Mr. Cassidy
holds an Honours Bachelor of Business Administration degree from
the Wilfrid Laurier University, holds a Chartered Financial Analyst
designation, and is a Chartered Accountant. Additionally, Ms. Susan
J. Soprovich, CMA, has joined Compton as Director, Investor
Relations, to lead Compton's communications strategy and direction.
Ms. Soprovich brings expertise through her experience in both
corporate and consulting capacities. Recently, she was Vice
President, Investor Relations and Corporate Governance at Bankers
Petroleum Ltd. where she was responsible for the strategic
direction of the company's international investor and public
relations, and regulatory activities. Prior to Bankers, Ms.
Soprovich was employed in increasingly senior roles at various
resource companies including Fording Canadian Coal Trust, Cavell
Energy, Gulf Canada Resources and PanCanadian Petroleum. Ms.
Soprovich holds an Honours Bachelor of Commerce degree from the
University of Manitoba, and is the author of The Canadian IR
Practitioner column in the Canadian Investor Relations Institute's
national publication. "The addition of Leigh and Susan brings
additional strength to our management team," said Tim Granger,
President and Chief Executive Officer. "Leigh's capital market and
restructuring expertise along with Susan's investor relations and
communications experience will be of significant value as we move
forward with our strategic direction." Mr. Granger continued, "I
would like to sincerely thank Norm and Murray for their many years
of service and contribution to Compton through their roles in the
Company's development. In addition, their support through the early
stages of the organization's transition was greatly appreciated. On
behalf of the Board and the Company, I wish them well in their
future endeavors." Forward Looking Statements Certain information
regarding the Company contained herein constitutes forward-looking
information and statements and financial outlooks (collectively,
"forward-looking statements") under the meaning of applicable
securities laws, including Canadian Securities Administrators'
National Instrument 51-102 Continuous Disclosure Obligations and
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements include estimates, plans, expectations,
opinions, forecasts, projections, guidance, or other statements
that are not statements of fact, including statements regarding (i)
cash flow and capital and operating expenditures, (ii) exploration,
drilling, completion, and production matters, (iii) results of
operations, (iv) financial position, and (v) other risks and
uncertainties described from time to time in the reports and
filings made by Compton with securities regulatory authorities.
Although Compton believes that the assumptions underlying, and
expectations reflected in, such forward-looking statements are
reasonable, it can give no assurance that such assumptions and
expectations will prove to have been correct. There are many
factors that could cause forward-looking statements not to be
correct, including risks and uncertainties inherent in the
Company's business. These risks include, but are not limited to:
crude oil and natural gas price volatility, exchange rate
fluctuations, availability of services and supplies, operating
hazards, access difficulties and mechanical failures, weather
related issues, uncertainties in the estimates of reserves and in
projection of future rates of production and timing of development
expenditures, general economic conditions, and the actions or
inactions of third-party operators, and other risks and
uncertainties described from time to time in the reports and
filings made with securities regulatory authorities by Compton.
Statements relating to "reserves" and "resources" are deemed to be
forward-looking statements, as they involve the implied assessment,
based on estimates and assumptions, that the reserves and resources
described exist in the quantities predicted or estimated, and can
be profitably produced in the future. The forward-looking
statements contained herein are made as of the date of this news
release solely for the purpose of generally disclosing Compton's
changes in management. Compton may, as considered necessary in the
circumstances, update or revise the forward-looking statements,
whether as a result of new information, future events, or
otherwise, but Compton does not undertake to update this
information at any particular time, except as required by law.
Compton cautions readers that the forward-looking statements may
not be appropriate for purposes other than their intended purposes
and that undue reliance should not be placed on any forward-looking
statement. The Company's forward-looking statements are expressly
qualified in their entirety by this cautionary statement. About
Compton Petroleum Corporation Compton Petroleum Corporation is a
Calgary-based public company actively engaged in the exploration,
development, and production of natural gas, natural gas liquids,
and crude oil in the Western Canada Sedimentary Basin. Compton's
shares are listed on the Toronto Stock Exchange under the symbol
CMT and on the New York Stock Exchange under the symbol CMZ.
DATASOURCE: Compton Petroleum Corporation CONTACT: Susan J.
Soprovich, Director, Investor Relations, Ph: (403) 668-6732, Fax:
(403) 237-9410, Email: , Website: http://www.comptonpetroleum.com/
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