Compton Petroleum Completes High Yield Offering

On May 8, 2002, Compton Petroleum Corporation completed a US$165 million high yield offering of 9.9 per cent senior notes due in 2009. The notes were issued with a price per note of 98.273 per cent. The net proceeds from the offering will be used by Compton to repay debt under its senior credit facilities or for general corporate purposes. The underwriting syndicate consisted of Lehman Brothers Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc. and TD Securities Inc. as joint book-running managers. The notes were sold in the U.S. to qualified institutional buyers pursuant to rule 144A under the U.S. Securities Act and in Canada under the applicable exemptions from the prospectus requirements of Canadian securities legislation.

Representing Compton were David Spencer, David Lefebvre, Glenn Hardie, Chima Nkemdirim and Lisa Nesbitt of Fraser Milner Casgrain LLP in Calgary. In the U.S. Compton was represented by Andrew Foley and F. Angus Tarpley, III, of Paul, Weiss, Rifkind, Wharton & Garrison in New York. The underwriters were represented by Grant Zawalsky and Stephen Chetner of Burnet, Duckworth & Palmer LLP in Calgary, and Kirk Davenport, Kim Azzarelli and Jason Norton of Latham & Watkins in New York.