Compton reports 9% increase in reserves

During 2007 Compton Petroleum Corporation achieved solid proved plus probable reserve additions at competitive finding and development costs. We successfully completed our 322 well drilling program, replacing 192% of our 2007 production at an all-in Finding, Development, and Acquisition cost (FD&A) of $9.98/boe, excluding change in future capital, and $12.89/boe, including change in future capital.

Compton’s 2007 proved plus probable reserves grew by nine percent and are now valued in excess of $3.4 billion dollars, using a discount rate of eight percent, said Ernie Sapieha, President & CEO. We added 2.3 million boe proved and 22 million boe proved plus probable reserves, after production and asset sales and including acquisitions, for total proved plus probable reserves of 271 million boe as at December 31, 2007. This number equates to 2.10 boe per common share outstanding, versus 1.93 boe last year, also an increase of nine percent.

Consistent with the Company’s strategy of redeploying capital from non-core assets into its focus areas of operations, the Company closed a number of property divestments and strategic acquisitions during the year. Year end 2007 reserves reflect these transactions. During the year Compton acquired a total of 18.9 mmboe proved plus probable reserves at a total cost of $206 million or $10.93 per boe and sold 11.4 mmboe proved plus probable reserves for total proceeds of $262 million or $21.50 per boe. Excluding acquisitions and dispositions, 26.7 mmboe were added during the year at a cost of $14.58 per boe, proved plus probable, excluding future capital, and $18.21 per boe including future capital.