MFC Industrial Acquires Compton Petroleum

MFC Industrial Ltd. (NYSE: MIL) completed the acquisition of Compton Petroleum Corporation (TSX: CMT) by way of a friendly take-over bid. MFC acquired approximately 94 per cent of the outstanding shares of Compton pursuant to the take-over bid, with the remaining shares acquired pursuant to a subsequent compulsory acquisition.

Compton shareholders received $1.25 per share, representing a total consideration of approximately $33 million. In addition, under the transaction, MFC acquired special warrants of Compton for $1.25 per warrant, representing total consideration of approximately $8.2 million, which were converted into 19.9 per cent of the outstanding Compton shares for no additional consideration.

MFC is a global commodity supply chain company and is active in a broad spectrum of activities related to the integrated combination of commodities and resources.

Compton is active in the production and processing of natural gas, natural gas liquids, and crude oil in Western Canada.

MFC was represented by Sangra Moller LLP, with a team led by Harjit Sangra and that included Rod Talaifar, Gary Gill, Shiva Galbaransingh and Nick Ayling.

Compton was represented by Stikeman Elliott LLP, with a team led by Leland Corbett and that included Susan Hutton, Stephen Cooper, Benjamin Hudy and Cameron Anderson.

Lawyer(s)

Leland P. Corbett Gary Gill Shiva Galbaransingh Rod Talaifar Harjit Sangra Benjamin S. P. Hudy Susan M. Hutton

Firm(s)

Sangra Moller LLP Stikeman Elliott LLP