28 Aug 2008resource reserve update● NeutralMajor
Compton said it is seeking a buyer for all of its shares, previously announced, and is starting marketing now with a data room opening Sept 8, 2008. Its internally prepared Aug 1, 2008 reserve update shows proved plus probable reserves of 268 million boe, versus 271 million at year-end 2007; this excludes four non-core property sales. Three of those four have closed and the fourth is due Sept 8, with net proceeds of about $210 million going to reduce bank debt. After that and a $31 million foreign exchange contract gain, pro forma long-term debt is $687 million versus $906 million at June 30, 2008. The Cecil sale left open earlier is not mentioned in the visible text.