Past year: ▼ 79%(1.07 – 6.40 USD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Aug 2007business combination● NeutralMajor
Compton's subsidiary took up and paid for the Stylus shares tendered (about 99.68%). Compton's Sapieha, Knecht, Millar, Belich, Preston and Stodalka became Stylus directors, replacing the old board, and Sapieha, Knecht and Millar became its officers. Stylus is now controlled by Compton, completing the take-over, though the compulsory acquisition of the remaining shares was still to come.
15 Aug 2007business combination● NeutralMajor
Compton said its subsidiary had received tenders for about 99.68% of Stylus shares (26,551,650 shares) under the offer, with all conditions satisfied. It will pay for them and plans to buy the remaining shares by compulsory acquisition on the same terms.
25 June 2007business combination● NeutralMajor
Compton agreed with Stylus Energy to make a cash take-over offer of $2.70 per Stylus share, a 20% premium to its latest close, worth about $91 million including roughly $12 million of net debt. Stylus's properties are in Compton's core areas, with Vulcan, Alberta singled out for synergies. The offer requires at least 66 2/3% of Stylus shares and regulatory approvals, with closing expected mid-August 2007.
19 Mar 2007security holder rights change● Neutral
Compton renewed its share buyback for up to 6,000,000 shares (about 4.7% of 128,561,676 outstanding at March 9, 2007), running March 21, 2007 to March 20, 2008, with bought shares cancelled. Under the previous bid it had bought just 246,200 shares at an average of $11.94.
24 Mar 2006debt financing● NeutralMajor
Compton priced a further US$150 million of 7 5/8% Senior Notes due 2013, issued under the same November 2005 indenture as the original US$300 million, expected to close around April 4, 2006. Proceeds are intended to repay part of its senior secured credit facilities. This adds to the notes issued in November 2005.
15 Mar 2006security holder rights change● Neutral
Compton got approval for a new share buyback of up to 6,000,000 shares (about 4.7% of 127,290,451 outstanding at Feb 28, 2006), running March 17, 2006 to March 16, 2007, with bought shares cancelled. Under the prior bid it had bought only 551,600 shares at an average of $12.46, against a 6,200,000 limit.
2 Dec 2005debt financing● NeutralMajor
Compton closed a US$300 million offering of 7 5/8% Senior Notes due 2013 (issued by its subsidiary Compton Petroleum Finance, guaranteed by Compton and its other significant subsidiaries). Holders of about 96% of the old 9.90% notes tendered and agreed to the indenture changes, which are now binding; the offer was due to expire Nov 29, 2005. Net proceeds funded the purchase of the tendered 9.90% notes and the rest will repay part of the senior secured credit facilities. This completes the tender offer and new debt placement left open earlier.
1 Nov 2005debt financing● NeutralMajor
Compton said (Oct 27, 2005) it will continue pursuing approval of the North Okotoks sour gas well licences, which requires Board approval of a revised emergency response plan after further public consultation. This answers the November 1 deadline question: it will proceed. Separately, on Oct 31 Compton and its subsidiary Compton Petroleum Holdings launched a tender offer for any and all of its 9.90% Series A Senior Notes due 2009, with a $30 per $1,000 consent payment for tenders by Nov 14 and a Nov 29 expiry. It also seeks to remove most of the notes' restrictive covenants. The offer depends on conditions including a majority of the notes being tendered and proceeds from a private placement of new debt. The purpose of the new debt is described only as funding the purchase.
24 Aug 2005regulatory community update▼ BadMajor
Compton asked the EUB to modify the August 15 deadline, and the Board extended it to November 1, 2005 for Compton to say whether it will pursue the Okotoks well licences. Compton cited unclear requirements, a legal challenge by the Calgary Health Region to the decision, and that body's claim of concurrent jurisdiction over emergency planning. Compton says these must be resolved before it commits to proceed. This continues the unresolved licence issue.
29 July 2005regulatory community update● NeutralMajor
Compton commented on Alberta regulator (EUB) Decision 2005-060 on its applications to drill six sour gas wells in the Okotoks Field. It highlighted the finding that the wells can be drilled and operated safely, but the decision imposes emergency response planning conditions, including a sheltering zone, that Compton is still assessing. The Board asked for Compton's response by August 15, 2005. The licences have not yet been granted.
29 Mar 2005security holder rights change▲ Good
Compton renewed its share buyback, approved to buy up to 6,200,000 shares (about 4.96% of 124,955,306 outstanding) on the TSX from March 17, 2005 to March 16, 2006, cancelling those bought. The prior bid ended with only 433,600 shares bought at an average of $9.28, far below the 5,800,000 limit.
24 Feb 2005regulatory community update● NeutralMajor
Compton filed the paperwork for a Canadian share offering: a preliminary prospectus (Feb 2, 2005), an underwriting agreement, and a final prospectus (Feb 14, 2005), plus a release on a 2005 capital and drilling program. The excerpt shows the share count and price left blank, so the size isn't given here. Part of the proceeds is to repay bank debt owed to lenders affiliated with some underwriters. The 124,955,306 shares outstanding by March 2005, up from 117,242,073 a year earlier, are consistent with new shares being issued (an inference).
9 Apr 2004resource reserve update▲ GoodMajor
Compton reported its year-end 2003 reserves, as reviewed by independent evaluator Netherland Sewell: proved plus probable reserves of 119 million barrels of oil equivalent (80% natural gas), up 15% after production, and proved reserves of 85 million, up 3%. Proved plus probable reserves were valued at $1,008 million at an 8% discount rate. Results for the year were to be released April 28, 2004.
12 Mar 2004security holder rights change▲ Good
Compton got regulatory approval to renew its share buyback, allowing it to buy up to 5,800,000 common shares (about 4.95% of the 117,242,073 outstanding) on the TSX between March 10, 2004 and March 9, 2005, with bought shares cancelled. Under the previous bid it had bought 1,260,400 shares at an average of $5.64 as of March 4, 2004.
