Compass Petroleum Ltd. Announces Significant Reserve Growth

- July 26th, 2011

Compass Petroleum Ltd. (CVE:CPO) reports significant reserve growth in fiscal 2012 capital budget.

Compass Petroleum Ltd. (TSXV:CPO) reports significant reserve growth in fiscal 2012 capital budget.

The press release is quoted as saying:

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.

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