09:46 AM EST - Compton Petroleum Corp. : announced the exercise of the option by a purchaser to buy the remaining 2.5% of the prior announced 5.0% overriding royalty or ORR. Also, the company stated that the purchaser has acquired half the optioned 2.5% ORR for proceeds of $23.8 million and intends to acquire the remaining portion of the optioned 2.5% ORR by January 31, 2010, for additional proceeds of $23.8 million. The aggregate sale price of the ORR from initial sale plus the exercise of the option total $95.0 million and represents a 5% ORR on the gross production revenue on the corporation's existing land base less certain transportation costs and marketing fees, calculated on a monthly basis. The sales concluded to date resulted in a realized sale price of $71.3 million, representing an ORR of 3.75%. Compton Petroleum Corp.
shares T.CMT are trading up $0.02 at $0.96.
