NEW YORK CITY, NEW YORK--(MARKET WIRE)--Feb 28, 2008 -- Peter K. Seldin, founder and managing member of Centennial Energy Partners, L.L.C., has agreed to join the Board of Directors of Compton Petroleum Corporation. In a press release issued today by Compton, the company announced that it will conduct a formal review of strategic alternatives and has hired Tristone Capital Inc. and UBS Securities Canada Inc. as independent financial advisers to assist in this process. Mr. Seldin has also been appointed to the Special Committee of Compton's independent directors who will conduct the review.

Centennial is the largest shareholder of Compton. Through its various entities, Centennial currently owns a combined 25,545,796 shares, representing a 19.8% ownership position in Compton. It has been a shareholder of Compton on a continuous basis since 1997.

In December 2007, Centennial wrote a letter to Compton's chairman and president that expressed Centennial's opinion that a major discount had developed between the underlying value of Compton's asset base and the company's share price. Centennial expressed its view that Compton management did not have a specific plan to eliminate that valuation discount and deliver an acceptable share price to Compton's shareholders. At that time, Centennial asked Compton's Board of Directors to begin a formal process to review the company's strategic options, including the potential sale of Compton.

On January 29th of this year, after reviewing Compton's operating plans and projections released on January 23rd, Centennial expressed its dissatisfaction with these plans and projections, terming them "an ill-conceived program that is highly dependent on commodity prices and external funding." In its letter of January 29th, Centennial wrote that the plan did not and could not address Compton's fundamental structural problem: the company does not have the cash flow or access to capital on a non-dilutive basis to maximize the value of its asset base. Centennial wrote that the plan would not deliver value to Compton shareholders on a per-share basis.

In its letter of January 29th, Centennial expressed its hope that the Compton board would understand Centennial's reasoning and come to accept that Compton cannot go forward with the plan that it had outlined. Centennial expressed its desire for a cooperative process, but communicated its readiness to nominate its own slate of directors and call for a special shareholders' meeting if necessary. Centennial considers today's announcement from Compton to be an important action in a cooperative process to achieve a better result for all Compton shareholders.

Mr. Seldin founded New York-based Centennial Energy Partners, L.L.C. in 1994. He is a graduate of Princeton University and the Graduate School of Business at Stanford University. He is a director of Tesco Corporation, where Centennial is also the largest shareholder with a 16.9% ownership position.

     Contacts:
     Centennial Energy Partners, L.L.C.
     Peter K. Seldin
     212-753-5150