Compass Petroleum Ltd.

Compass Petroleum Ltd.

March 04, 2011 16:15 ET

Compass Petroleum Ltd. Announces Grant of Share Options

CALGARY, ALBERTA--(Marketwire - March 4, 2011) - Compass Petroleum Ltd. ("Compass" or the "Corporation") (TSX VENTURE:CPO) announced today that its board of directors has granted options to acquire up to an aggregate of 1,864,000 common shares of the Corporation (the "Shares") to certain officers, directors, employees and consultants, at an exercise price of $2.00 per Share (being the closing trading price of the Shares on the TSX Venture Exchange (the "TSXV") on March 1, 2011). Four of the five non-management directors of the Corporation were awarded options entitling them to acquire up to an aggregate of 335,000 Shares and five officers of the Corporation received options entitling them to purchase up to an aggregate of 1,032,000 Shares. All options were granted under the Corporation's share option plan (the "Plan") and vest (as to one third of the number of Shares that may be purchased) on the first, second and third anniversaries of the date of grant. Options entitling holders to acquire up to an aggregate of 3,929,000 Shares are outstanding as at the date of this news release (including the options referred to above) and an additional 1,316,356 options are available for grant under the Plan.

Compass is a junior oil and natural gas corporation engaged in the exploration, development and production of oil and natural gas in Alberta and Saskatchewan. The outstanding common shares of Compass are listed and posted for trading on the TSXV under the trading symbol "CPO".

Reader Advisories Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Compass Petroleum Ltd.
    Yook L. Mah
    President and CEO
    (403) 261 1911
    Compass Petroleum Ltd.
    Graham Barnes
    (403) 261 1911