Compass Petroleum Ltd.
TSX VENTURE : CPO

Compass Petroleum Ltd.

December 09, 2010 16:00 ET

Compass Petroleum Ltd. Announces New Director and Results of Shareholder Meeting

CALGARY, ALBERTA--(Marketwire - Dec. 9, 2010) - Compass Petroleum Ltd. ("Compass" or the "Company") (TSX VENTURE:CPO) is pleased to announce that Bruce A. Fiell has joined the Company's board of directors (the "Board"). Mr. Fiell was elected to the Board at the annual and special meeting of Compass shareholders (the "Shareholder Meeting") held on Wednesday, December 8, 2010. The Board now consists of seven members: Gordon K. Case (Chair), Yook L. Mah, Don D. Raeburn, Bryan H. Lawrence, Christopher J. Whyte, Donald G. Thurston and Bruce A. Fiell.

Mr. Fiell has over 21 years of investment banking experience in the Canadian oil and natural gas industry. In 2009, he joined Palisade Capital Management Ltd. ("Palisade"), a private investment management company, where he now serves as Vice President. Prior to joining Palisade, Mr. Fiell served as a Director and Managing Director, Corporate Finance of Peters & Co. Limited, a leading Calgary-based investment bank. Mr. Fiell has a Bachelor of Commerce (Finance) from the University of Calgary, and a Master of International Management from the American Graduate School of International Finance.

Compass is also pleased to announce that, at the Shareholder Meeting, the Compass shareholders: (i) ratified and approved the Company's share option plan; and (ii) approved a resolution authorizing a reduction in the exercise price of 132,500 options to purchase Compass common shares held by various insiders of the Company, all as more fully described in the Company's management proxy circular (the "Circular"), dated October 29, 2010, and delivered to Compass shareholders in connection with the Shareholder Meeting. A copy of the Circular is available on the SEDAR website at www.sedar.com under the Company's profile.

Compass is an oil weighted, oil focused junior oil and gas exploration and production corporation based in Calgary, Alberta. The Company's current main focus is on the exploitation and development of its Viking light oil resource lands in the Dodsland area of west central Saskatchewan.

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 release.

Contact Information

  • Compass Petroleum Ltd.
    Yook L. Mah
    President and CEO
    (403) 261-1911
    or
    Compass Petroleum Ltd.
    Graham Barnes
    CFO
    (403) 261-1911
    info@compasspetroleum.com