The current economic environment, market uncertainties, reduced commodity demand and prices have had a negative impact on Compton Petroleum’s 2009 first quarter operating results. In response to these circumstances, the company has adopted a more defensive, measured and flexible investment approach – one that is reflected in its first quarter activities and Compton Petroleum’s plans for the remainder of 2009. The company’s overall strategy during this period of uncertainty is that of positioning Compton Petroleum such that, once the economic recovery occurs, the company will have the ability to expand and realize on the opportunities inherent in its asset base.

During 2009, Compton Petroleum will focus on addressing its capital structure and those areas within control. The company has initiated a corporate restructuring process with an emphasis on improving its capital efficiencies and reducing internal cost structures, which is starting to be realized.

Q1 2009 Summary of Results

The decrease in revenues is because of considerable lower realized natural gas and liquids prices and decreased production volumes.

The loss is largely attributable to the impact of lower commodity prices and production volumes and an unrealized foreign exchange loss of CAD16 million identified on translation of Compton Petroleum’s US dollar denominated senior notes.

Capital spending, before acquisitions and divestments, during the first quarter of 2009 declined by 84% compared to the comparable period in the year-ago quarter because of decreased and delayed activity during 2009. Compton Petroleum has drilled nine wells in 2009 when compared with 99 in the year-ago quarter. The decline in commodity prices has adversely impacted economic returns on many of the company’s drilling projects. Until such time as improved commodity prices and/or decreases in service costs permits the company to achieve internal rate of return objectives, the majority of the company’s field activities will focus on optimizing production from existing wells.

Subsequent to the quarter, the company has renewed the processing agreements with Mazeppa processing partnership for a additional five-year period under considerably the same terms and conditions.

Overall production for the first quarter of 2009 fell 30% from the same period in the year-ago quarter. Natural gas volumes declined 31%, while liquids production decreased 27% from 2008. The decrease in Compton Petroleum’s quarterly volumes is attributable to the sale of 4,100 boe/d of production associated with certain non-core assets sold during the third quarter of 2008 in addition to natural declines. Additionally, reduced capital expenditures during the last quarter of 2008 and into 2009 has resulted in minimal new production necessary to equalize declines.

As part of Compton Petroleum’s objective to adjust its capital structure, several initiatives are in progress to maximize the value of its assets and raise production and reserves at minimal cost:

— Optimization: Compton Petroleum is in the process of reviewing its existing base of over 1,500 wells for optimization opportunities. The company anticipates being able to set up workovers and recompletions during the second half of 2009

— Capital costs: Compton Petroleum is examining ways to decrease drilling and completion capital on a go-forward basis, as well as reviewing the effect of both the new royalty structure and the lower cost structure with reduced industry activity; and

— Farm-out opportunities: Compton Petroleum concluded two farm-out transactions in the first quarter around the Caroline area, each of which has a two well drilling commitment. The company has received different operational proposals over portions of its over 1.2 million net acres of land, which are in the process of being considered.

Hooker (Southern Alberta):

At Hooker, selective drilling and pool wide optimization can enhance Compton Petroleum’s depletion strategy to raise capital efficiency and minimize drilling and completion costs. Since January 2009, Compton Petroleum has been remapping the Hooker pool using a depositional model that was derived from an extensive geological review of exiting wellbores, including cores, well chip samples, and well logs. Several sites have been identified for potential drilling or refracturing of existing wellbores in the latter half of the year, provided that they meet Compton Petroleum’s internal rate of return hurdles.

Niton (Central Alberta):

During the quarter, Compton Petroleum has drilled two successful wells at Niton. A horizontal Rock Creek gas well is at present flowing 5.3 MMcf/d (initial production rate: 9.5 MMcf/d), and a vertical Rock Creek oil well swab tested at 50 bbls/d. The oil well is now awaiting tie-in which is anticipated by the end of May 2009. One non-operated well (40% working interest) drilled during the quarter encountered both Ellerslie and Rock Creek pay. On completion, the well tested at 436 mcf/d.

In June 2009, Compton Petroleum anticipates to spud a Rock Creek horizontal well offsetting the company Rock Creek horizontal well that initially produced at a rate of 4 MMcf/d and is now producing 800 mcf/d after six months.

Callum-Cowley & Todd Creek (Southern Alberta):

At Todd Creek, the new zone concluded in an older existing wellbore in late 2008 has been on stable production at 2.7 MMcf/d since December 2008. The well initially tested at 4 MMcf/d but has been restricted in order to provide sufficient test data. Compton Petroleum has licensed a counterbalance well from the same pad, which will not be drilled until mid-summer due to environmental restrictions. The completion of the offset well will validate 15 sections of land for future drilling.

Drilling Summary:

All nine gross wells drilled during the first quarter of 2009 were development wells. Of the nine gross wells drilled, five were non-operated minor working interest unit wells at Ghost pine (working interest: 5.7%). In response to existing low commodity prices and marginal drilling economics, Compton Petroleum has reduced its capital expenditures for 2009 to assume a more defensive posture during these uncertain times.

Outlook:

Continuing reduced demand for crude oil and natural gas and the resulting low commodity prices are challenging the industry, including Compton Petroleum , in terms of project economics, revenue and funds flow from operations. Combined with its commitment to limit capital spending to funds generated from operations, it has revised 2009 plans in light of the present circumstances to assume a more defensive posture during these uncertain times. Compton Petroleum will adjust its 2009 capital spending up or down, depending upon how economic circumstances unfold during the year and intend to limit the company’s capital expenditures to within funds flow from operations.

Compton Petroleum has initiated a corporate restructuring process with a concentrated emphasis on continued capital efficiencies and reducing its internal cost structures. Due to these initiatives, the company anticipates to identify a gross savings in G&A expenses of about CAD9 million, before recoveries and amounts capitalized, in comparison to 2008.