Compass Petroleum Ltd. ("Compass" or the "Corporation") (TSX VENTURE:CPO) is
pleased to announce the results of an independent evaluation of the
Corporation's reserves, as at June 30, 2011 (the "Sproule Report"), prepared by
Sproule Associated Limited ("Sproule") and an independent evaluation of the
Corporation's undeveloped land holdings, as at June 30, 2011 (the "Seaton -
Jordan Report"), prepared by Seaton - Jordan & Associates Ltd. ("Seaton -
Jordan") . Additionally, the Corporation is pleased to announce that its Board
of Directors has approved a fiscal 2012 capital budget, which assumes aggregate
expenditures of $50.7 million.
Highlights of June 30, 2011 Sproule and Seaton - Jordan Reports
-- Total proved reserves increased by 78%, from 3.0 million barrels of oil
equivalent ("MMboe") to 5.4 MMboe (67% oil)
-- Total proved plus probable reserves increased by 76%, from 4.6 MMboe to
8.0 MMboe (63% oil)
-- Production replacement ratio of 7.9 for proved reserves and 11.1 for
proved plus probable reserves
-- Reserve life index of 15.3 years for proved reserves and 22.9 years for
proved plus probable reserves, based on an annualized field reported
June 2011 average production rate
-- The net present value of estimated future net revenues attributed to the
Corporation's proved plus probable reserves (calculated using forecast
prices and costs) increased 134% from $54.6 million to $128.0 million
(10% discount rate) before tax and to $116.9 million (8% discount rate)
after tax
-- Undeveloped land inventory of 89,726 net acres, of which 45,649 net
acres are within the Viking light oil resource play areas at Lucky Hills
and greater Dodsland in west central Saskatchewan
-- Undeveloped land inventory valued at $11.5 million in the Seaton -
Jordan Report
Viking Light Oil Resource Play Reserve Additions
Fiscal 2011 was an active and transformational year for Compass. Strategically,
the Corporation focused on evaluating, expanding and developing its Viking light
oil resource play and significant reserve additions were achieved in relation to
that play. Proved plus probable light oil reserves, as reported by Sproule,
increased substantially from 68.1 thousand barrels ("Mbbl") to 3,142.9 Mbbl. The
reserves attributed to the Viking play accounted for 62% of the Corporation's
crude oil and natural gas liquids reserves at June 30, 2011. In the Sproule
Report, reserves were assigned to a total of 76 Viking wells, including 52
locations with proved undeveloped and probable reserves. The Corporation's
undeveloped Viking oil prone land inventory at June 30, 2011 was approximately
71.3 net sections.
Reserves Summary
The reserves data set out below is derived from the Sproule Report. The
following tables set out information respecting the Corporation's estimated
crude oil, natural gas liquids and natural gas reserves and the net present
value of estimated future net revenues attributed to the Corporation's reserves
at June 30, 2011, before income taxes and using forecast prices and costs. The
Sproule Report has been prepared in accordance with the standards contained in
the COGE Handbook and utilizes the reserves definitions contained in National
Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI
51-101").
All evaluations and reviews of the net present value of estimated future net
revenues are stated prior to any provisions for interest costs or general and
administrative costs and after deduction of estimated future capital
expenditures for wells to which reserves have been assigned. It should not be
assumed that the net present value of estimated future net revenues presented in
the tables below represent the fair market value of the reserves. There is no
assurance that the forecast prices and costs utilized in the preparation of the
Sproule Report will be attained and variances from actual prices could be
material. In addition, the recovery and reserve estimates of crude oil, natural
gas liquids and natural gas reserves set out in the Sproule Report are estimates
only and there is no guarantee that the estimated reserves will be recovered.
Actual crude oil, natural gas liquids and natural gas reserves may be greater
than or less than the estimates noted herein.
----------------------------------------------------------------------------
Natural Gas
Light/Medium Oil Heavy Oil Liquids
-----------------------------------------------------------
Gross Gross Gross
(1) Net (2) (1) Net (2) (1) Net (2)
(Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl) (Mbbl)
----------------------------------------------------------------------------
Proved
----------------------------------------------------------------------------
Producing 834.8 735.7 753.3 618.5 18.1 11.9
----------------------------------------------------------------------------
Non-Producing 124.0 115.6 0.0 0.0 7.1 5.3
----------------------------------------------------------------------------
Undeveloped 1,684.8 1,480.1 176.9 152.0 1.1 0.9
----------------------------------------------------------------------------
Total Proved 2,643.6 2,331.5 930.2 770.5 26.3 18.1
----------------------------------------------------------------------------
Probable 1,199.0 1,037.2 252.8 191.9 18.6 12.8
----------------------------------------------------------------------------
Total Proved &
Probable 3,842.6 3,368.7 1,183.0 962.4 44.9 30.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Barrels of Oil
Natural Gas Equivalent (3)
-----------------------------------------
Gross (1) Net (2) Gross (1) Net (2)
-----------------------------------------
(MMcf) (MMcf) (Mboe) (Mboe)
----------------------------------------------------------------------------
Proved
----------------------------------------------------------------------------
Producing 3,018 2,697 2,109.2 1,815.7
----------------------------------------------------------------------------
Non-Producing 1,025 942 302.0 278.0
----------------------------------------------------------------------------
Undeveloped 6,621 5,989 2,966.3 2,631.1
----------------------------------------------------------------------------
Total Proved 10,664 9,628 5,377.5 4,724.8
----------------------------------------------------------------------------
Probable 7,198 6,461 2,670.1 2,318.8
----------------------------------------------------------------------------
Total Proved & Probable 17,862 16,089 8,047.6 7,043.6
----------------------------------------------------------------------------
Notes:
1. "Gross" reserves means the Corporation's working interest (operated and
non-operated) share of reserves before deduction of royalties and before
consideration of the Corporation's royalty interests.
2. "Net" reserves means the Corporation's working interest (operated and
non-operated) share of reserves after deduction of royalties and
includes the Corporation's royalty interests.
3. Oil equivalent amounts have been calculated using a conversion rate of
six thousand cubic feet of natural gas to one barrel of oil.
4. Columns may not add due to rounding.
Estimated Net Present Reserve Values
The pretax net present values of the estimated future net revenues attributed to
the Corporation's reserves (at various discount rates, effective June 30, 2011
and based on the June 30, 2011 Sproule forecast prices and costs) are summarized
in the following table:
----------------------------------------------------------------------------
($ thousands) (1) 0% 5% 10% 15% 20%
----------------------------------------------------------------------------
Proved
----------------------------------------------------------------------------
Producing 65,871 50,495 42,436 37,216 33,451
----------------------------------------------------------------------------
Non-Producing 10,044 8,493 7,366 6,516 5,853
----------------------------------------------------------------------------
Undeveloped 54,520 39,637 28,773 20,669 14,500
----------------------------------------------------------------------------
Total Proved 130,046 98,625 78,575 64,400 53,805
----------------------------------------------------------------------------
Probable 91,175 64,364 49,439 39,808 33,141
----------------------------------------------------------------------------
Total Proved & Probable 221,611 162,989 128,014 104,209 86,946
----------------------------------------------------------------------------
Notes:
1. Net present value of estimated future net revenue includes all resource
income including sale of crude oil, natural gas, and by-product
reserves; processing third party reserves; and other income; and is
stated before deducting future estimated site restoration costs, but
reduced for estimated future abandonment costs and estimated capital for
future development projects associated with the reserves.
2. Columns may not add due to rounding.
Price Forecast
The June 30, 2011 Sproule price forecast is summarized in the following table:
----------------------------------------------------------------------------
$US/$Cdn Natural Gas
Exchange WTI @ Edmonton Hardisty @ AECO-C
Year Rate Cushing Light Bow River Spot
----------------------------------------------------------------------------
($US/bbl) ($Cdn/bbl) ($Cdn/bbl) ($Cdn/Mmbtu)
----------------------------------------------------------------------------
2011 (6 mos) 1.000 99.79 97.95 82.28 4.11
----------------------------------------------------------------------------
2012 1.000 101.50 99.64 83.70 4.41
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2013 1.000 100.98 99.10 83.25 4.71
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2014 1.000 97.91 96.02 80.65 5.63
----------------------------------------------------------------------------
2015 1.000 97.42 95.51 80.23 6.48
----------------------------------------------------------------------------
2016 1.000 99.37 97.44 81.85 6.62
----------------------------------------------------------------------------
2017 1.000 101.35 99.40 83.50 6.76
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2018 1.000 103.38 101.41 85.18 6.91
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2019 1.000 105.45 103.46 86.90 7.06
----------------------------------------------------------------------------
2020 1.000 107.56 105.55 88.86 7.21
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2021 1.000 109.71 107.68 90.45 7.36
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2022+ Escalation Rate of 2%
----------------------------------------------------------------------------
Note:
Inflation is accounted for at 1.5% per year.
Reserves Reconciliation
The following reconciliation of the Corporation's estimated gross reserves
compares changes in the Corporation`s estimated reserves as at June 30, 2010 to
its estimated reserves as at June 30, 2011, based on the Sproule Report.
----------------------------------------------------------------------------
Light and Medium Natural Gas
Oil Heavy Oil Liquids
-----------------------------------------------------------
Proved Proved Proved
Total Plus Total Plus Total Plus
Proved Probable Proved Probable Proved Probable
-----------------------------------------------------------
(Mbbls) (Mbbls) (Mbbls) (Mbbls) (Mbbls) (Mbbls)
----------------------------------------------------------------------------
June 30, 2010 434.7 801.9 1,095.2 1,418.2 30.8 46.0
----------------------------------------------------------------------------
Extensions &
Improved
Recovery 2,299.8 3,178.6 0.0 0.0 0.0 0.0
----------------------------------------------------------------------------
Discoveries 0.0 0.0 0.0 0.0 0.0 0.0
----------------------------------------------------------------------------
Technical
Revisions 57.1 10.6 (79.7) (149.9) (1.5) 2.0
----------------------------------------------------------------------------
Acquisitions 0.0 0.0 0.0 0.0 0.0 0.0
----------------------------------------------------------------------------
Dispositions (1.5) (2.0) 0.0 0.0 (0.1) (0.2)
----------------------------------------------------------------------------
Production (146.5) (146.5) (85.3) (85.3) (2.9) (2.9)
----------------------------------------------------------------------------
June 30, 2011 2,643.6 3,842.6 930.2 1,183.0 26.3 44.9
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Barrels of Oil
Natural Gas Equivalent
----------------------------------------------------------------------------
Total Proved Plus Total Proved Plus
Proved Probable Proved Probable
----------------------------------------------------------------------------
(MMcf) (MMcf) (Mboe) (Mboe)
----------------------------------------------------------------------------
June 30, 2010 8,804 13,817 3,028.0 4,568.9
----------------------------------------------------------------------------
Extensions & Improved
Recovery 4,171 5,925 2,995.0 4,166.1
----------------------------------------------------------------------------
Discoveries 0 0 0.0 0.0
----------------------------------------------------------------------------
Technical Revisions (1,660) (1,229) (300.8) (342.1)
----------------------------------------------------------------------------
Acquisitions 0 0 0.0 0.0
----------------------------------------------------------------------------
Dispositions (1) (1) (1.8) (2.4)
----------------------------------------------------------------------------
Production (650) (650) (343.0) (343.0)
----------------------------------------------------------------------------
June 30, 2011 10,664 17,862 5,377.4 8,047.5
----------------------------------------------------------------------------
Notes:
1. "Gross" reserves means the Corporation's working interest (operated and
non-operated) share of reserves before deduction of royalties and before
consideration of the Corporation's royalty interests.
2. Columns may not add due to rounding.
Land Holdings
During the fiscal year ended June 30, 2011, Compass was active in acquiring
undeveloped acreage through acquisitions and Crown land sales in west central
Saskatchewan, which activities focused primarily on lands having Viking oil
potential. The Corporation retained Seaton - Jordan to complete an independent
evaluation of the Corporation's undeveloped land holdings as at June 30, 2011 in
compliance with NI 51-101 and the Companion Policy 51-101CP. The Seaton - Jordan
Report has estimated the value of the Corporation's net undeveloped acreage at
$11.5 million as set out in the following table:
----------------------------------------------------------------------------
Area Gross Acres Net Acres Value
----------------------------------------------------------------------------
Alberta 47,897 35,332 $2,912,520
----------------------------------------------------------------------------
Saskatchewan 62,884 54,394 $8,554,418
----------------------------------------------------------------------------
Total 110,781 89,726 $11,466,938
----------------------------------------------------------------------------
Undeveloped acreage within the Viking light oil resource play (located in west
central Saskatchewan) comprises 45,649 net acres or 71.3 net sections.
Compass expects to comment on its finding, development and acquisition costs,
operating netback, recycle ratios and net asset value when it announces its
fiscal 2011 financial results (scheduled for early October 2011).
Operational Update
In Q4 fiscal 2011, Compass drilled and cased six gross (4.1 net) Viking
horizontal wells. Three of these (2.5 net) were operated and three (1.6 net)
were non-operated. The operated wells were drilled at Lucky Hills and were
completed and placed on production by the end of June. One of the non-operated
wells (0.6 net) was drilled at Whiteside and the other two (1.0 net) were
drilled in the greater Dodsland area. The three non-operated wells were
completed and placed on production in mid-July.
The construction of a second oil battery at Lucky Hills and the tie-in of 15
Viking oil wells to this battery were completed in the fourth quarter of fiscal
2011. These facilities were constructed to permit the conservation and sale of
Viking solution gas and in an effort to reduce operating costs and improve
operating efficiencies. During the last week of June 2011, field estimated sales
averaged 1,100 boepd (70% oil) with three (1.6 net) Viking horizontal wells
awaiting completion.
Fiscal 2012 Capital Budget and Outlook
The Board of Directors of Compass has approved a fiscal 2012 capital budget that
contemplates aggregate expenditures of $50.7 million, including costs associated
with the drilling of 38 net wells. The new fiscal budget assumes increases in
2012 average production by 72% over the fiscal 2011 average to approximately
1,600 boe/d (78% oil), with forecast exit volumes (June 30th, 2012) of
approximately 1,800 to 1,900 boe/d. The capital program is expected to be
financed by a combination of internally generated cash flow and bank debt.
At present, the fiscal 2012 drilling program primarily targets the development
and expansion of the Viking light oil resource play at Lucky Hills and in the
greater Dodsland area of west central Saskatchewan. The program currently
anticipates that Compass will drill 24 gross (23.1 net) low risk development
wells at Lucky Hills; eight (net) moderate risk step-out wells and six (net)
higher risk exploratory wells in the greater Dodsland area. Funds are also
budgeted for: (i) the expansion of pipeline infrastructure to tie-in Viking
solution gas from new Viking oil wells; (ii) the construction of additional
crude oil emulsion and produced water treating facilities; and (iii) undeveloped
land and seismic acquisition.
The fiscal 2012 drilling program commenced on July 5 and three (3.0 net) Viking
horizontal wells have been drilled and cased to date. Two of these wells are at
Lucky Hills and one is south of Lucky Hills. This latter well is west of the
Kindersley Viking oil pool and was drilled in an effort to de-risk additional
undeveloped acreage in the greater Dodsland area. The three non-operated Viking
horizontal oil wells drilled in fiscal Q4 (as noted above) have now been
completed and have been placed on production. The drilling of the two successful
wells in the greater Dodsland area has earned the Corporation working interests
in 4.2 net sections of land. These wells have also allowed management to better
assess potential of the greater Dodsland area lands for Viking oil and have
added locations to the Corporation's overall Viking horizontal drilling
inventory.
Solution gas sales from Lucky Hills were halted on June 30, 2011 due to
hydrocarbon dewpoint issues associated with the richer Viking solution gas
stream, which will require the construction of a pipeline to a third party
processing facility that has the capacity to strip out liquids. Construction of
this pipeline is expected to commence in late July 2011 with completion before
the end of August 2011. Recent heavy rains in west central Saskatchewan have
hampered field activities including drilling and completion operations. These
delays will affect the timing of new production additions.
Management and the directors of Compass believe that the Corporation is well
positioned with a strong balance sheet, a significant drilling inventory at
Lucky Hills and a substantial undeveloped land base in the greater Dodsland area
of west central Saskatchewan.
Reader Advisories
Barrels of Oil Equivalent (boe)
The term "boe" means barrel of oil equivalent, with natural gas converted to a
crude oil equivalent at a ratio of six thousand cubic feet to one barrel. Boe's
may be misleading, particularly if used in isolation. A boe conversion ratio of
six Mcf (six thousand cubic feet) to one bbl (one barrel) is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.
Reserves and Operational Information
The reserves data set forth in this news release is based upon an independent
reserve assessment and evaluation prepared by Sproule with an effective date of
June 30, 2011 and dated July 15, 2011 and summarizes the Corporation`s crude
oil, natural gas liquids and natural gas reserves and the net present values
before income taxes of future net revenue for the Corporation`s reserves using
forecast prices and costs based on the Sproule Report. The Sproule Report has
been prepared in accordance with the standards contained in NI 51-101. All
evaluations of future net cash flows are stated prior to any provisions for
interest costs or general and administrative costs and after the deduction of
estimated future capital expenditures for wells to which reserves have been
assigned. It should not be assumed that the net present value of estimated
future net revenues presented in this news release represent the fair market
value of the reserves. There is no assurance that the forecast prices and costs
assumptions will be attained and variances from actual costs could be material.
The recovery and reserve estimates of our crude oil, natural gas liquids and
natural gas reserves provided herein are estimates only and there is no
guarantee that the estimated reserves will be recovered. Actual crude oil,
natural gas and natural gas liquids reserves may be greater than or less than
the estimates provided herein. The reserve data provided in this release only
represents a summary of the disclosure required under NI 51-101. Additional
disclosure will be provided in the Corporation`s Annual Information Form, which
is scheduled to be filed with applicable securities regulatory authorities in
Canada in early October 2011.
Forward-looking information and statements
This news release contains certain forward-looking information (referred to
herein as "forward-looking statements") within the meaning of applicable
Canadian securities laws. Forward-looking statements are often, but not always,
identified by the use of words such as "anticipate", "plan", "intend",
"estimate", "expect", "may", "will", "should", or similar words suggesting
future activities or outcomes. In particular, this news release contains
forward-looking statements relating to: (i) the fiscal 2012 capital budget of
Compass, including plans to develop Compass' undeveloped reserves and the
funding of future development costs; (ii) reserves and the net present values of
estimated future net revenues from Compass' oil and natural gas reserves; (iii)
the anticipated drilling of various Viking horizontal wells in the Lucky Hills
and Dodsland areas of west central Saskatchewan; (iv) the timing of commencement
and completion of the future construction projects; and (v) assumptions with
respect to the Corporation's average production for the 2012 fiscal year and
exit production as at June 30, 2012.
Forward-looking statements are based upon the opinions and expectations of
management of the Corporation as at the effective date of such statements and,
in some cases, information supplied by third parties. Although the Corporation
believes that the expectations reflected in such forward-looking statements are
based upon reasonable assumptions and that information received from third
parties is reliable, it can give no assurance that those expectations will prove
to have been correct. Forward-looking statements are subject to certain risks
and uncertainties that could cause actual events or outcomes to differ
materially from those anticipated or implied by such forward-looking statements.
These risks and uncertainties include, but are not limited to, such things as
changes in general economic conditions in Canada, the United States and
elsewhere, changes in operating conditions (including as a result of weather
patterns), the volatility of prices for oil and gas and other commodities,
commodity supply and demand, fluctuations in currency and interest rates,
inherent risks associated with the exploration, development and production of
oil and gas (including mechanical problems), timing, results and costs of
exploration and development activities, the accuracy of geological and
geophysical data and the Corporation's interpretation of that data, availability
of financial resources or third-party financing, availability of equipment,
materials, services and personnel in a timely manner and on terms acceptable to
the Corporation, defaults by counterparties under commercial arrangements to
which the Corporation is a party, the ability to obtain all required regulatory
approvals on a timely basis and on satisfactory terms, and new laws and
regulations (domestic and foreign Accordingly, readers should not place undue
reliance upon the forward-looking statements contained in this news release and
such forward-looking statements should not be interpreted or regarded as
guarantees of future outcomes.
Additional information concerning various assumptions and risk factors
applicable to the forward looking statements contained in this news release are
set out below.
-- Forward-looking statements respecting the fiscal 2012 capital budget of
Compass, including plans to develop Compass' undeveloped reserves and
the funding of future development costs, are based upon various
assumptions and factors, including: (i) the continued ability of the
Corporation to generate internal cash flow and that the sources of
funding which Compass has relied upon in the past will continue to be
available to Compass on acceptable terms, (ii) the absence of material
changes in economic and operating conditions, including, but not limited
to, commodity prices, (iii) the ability to market oil and natural gas to
current and new customers (iv) the availability and cost of labour, (v)
the ability to add production and reserves through acquisition,
development and exploration activities and (vi) no material changes in
currency exchange rates, interest rates, the regulatory framework
regarding oil and natural gas royalties, environmental legislation and
weather conditions. Such forward-looking statements are subject to
certain risks, including declines in oil and natural gas prices, the
inability of Compass to acquire additional reserves, uncertainty in
credit and equity markets and the inability to access capital, the
failure by counterparties to agreements with the Corporation to perform
their contractual obligations, environmental claims and liabilities, the
loss of key management, fluctuations in currency exchange rates and
changes in legislation that affects the oil and natural gas industry.
-- Forward-looking statements relating to reserves and the estimated net
present values of future net revenues from Compass' oil and natural gas
reserves are based upon various assumptions and factors, including that
the reserves described exist in the quantities estimated and can
profitably be produced in the future. Such forward-looking statements
are subject to certain risks, including: (i) the possibility that actual
reserves will vary from reserve estimates and those variations could be
material, (ii) declines in oil and natural gas prices, (iii)
fluctuations in currency exchange rates; and (iv) changes in legislation
that affects the oil and natural gas industry.
-- Forward-looking statements respecting the anticipated drilling of Viking
horizontal wells in west central Saskatchewan are based upon various
assumptions and factors, including the results of horizontal wells
drilled to date by the Corporation in west central Saskatchewan, the
time required to drill and complete existing wells and the assumption
that future wells can be drilled and completed in similar time frames,
the Corporation's experience with the drilling of other oil and natural
gas wells, continued access to materials, services, equipment and
personnel in a timely manner and on commercial terms acceptable to the
Corporation, the ability to obtain all required regulatory approvals on
a timely basis and on satisfactory terms, that the wells to be drilled
in connection with the Corporation's fiscal 2012 drilling program will
be capable of commercial production of hydrocarbons, the continued
ability of the Corporation to generate internal cash flow and no new
laws and regulations being enacted that would materially affect
operations. Such forward-looking statements are subject to certain
risks, including unexpected changes in economic or operating conditions
or commodity prices, changes to environmental legislation or other laws,
adverse weather conditions, inherent risks associated with the
exploration, development and production of oil and natural gas
(including mechanical and geological problems), availability of
financial resources or third-party financing and the inability of the
Corporation to access materials, services, equipment and personnel in a
timely manner and on commercial terms acceptable to the Corporation.
-- Forward-looking statements concerning the anticipated timing of
commencement and completion of certain future construction projects are
based upon various assumptions and factors, including the availability
of materials, services, equipment and personnel in a timely manner and
on commercial terms acceptable to the Corporation, favorable weather
conditions, the ability of the Corporation to obtain all required
regulatory approvals in a timely manner and on satisfactory terms, the
current business plan of the Corporation (which is subject to change),
prices for oil and natural gas remaining at current levels or increasing
above current levels, no adverse changes in royalties payable on oil and
gas production, the Corporation's ability to economically produce oil
and gas from its properties and the timing and costs of such production
and the ability of the Corporation to generate internal cash flow.
-- Forward-looking statements concerning assumed average production for the
2012 fiscal year and assumed exit production as at June 30, 2012 are
based upon various assumptions and factors including the Corporation's
current production from its various properties, existing plans for the
drilling and completion of wells for the balance of fiscal 2012,
Compass' historical success rate with wells drilled on its properties
and elsewhere in west central Saskatchewan, the results of wells drilled
by third parties in the vicinity of Compass' oil and gas properties in
west central Saskatchewan (including production from those wells), that
production from new wells drilled by Compass and others will be
substantially consistent with wells drilled by Compass and others in the
vicinity of such new wells, prices for oil and natural gas remaining at
current levels or increasing above current levels, no adverse changes in
royalties payable on oil and gas production, the Corporation's ability
to economically produce oil and gas from its properties and the timing
and costs of such production, the accuracy of geological and geophysical
data and the Corporation's interpretation of that data, the availability
of materials, services, equipment and personnel in a timely manner and
on commercial terms acceptable to the Corporation, favorable weather
conditions (including access to well sites and leases), the ability of
the Corporation to obtain all required regulatory approvals in a timely
manner and on satisfactory terms, the ability of the Corporation to
generate internal cash flow, and the availability of external financing
on terms satisfactory to the Corporation.
The forward-looking statements contained in this news release are made as of the
date hereof and Compass does not undertake any obligation to update publicly or
to revise any of the included forward-looking statements, except as required by
applicable Canadian securities law. The forward-looking statements contained
herein are expressly qualified by this cautionary statement.
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