UPDATE 1-Compton Petroleum renews reserve credit facility

* Involves C$353 mln term credit and $30 mln working capital i * Has used C$340 mln of the facility to date

July 2 (Reuters) - Canada's Compton Petroleum Corp (CMT.TO: Quote, Profile, Research) said it completed annual renewal of its reserve-based credit facility worth C$383 million with a syndicate of four banks.

Compton said the syndicate comprising Canadian and international banks will provide the C$353 million term credit facility, while the lead bank will provide the remaining C$30 million working capital facility.

The credit facility supports operating and capital needs and recapitalization objectives, the company said in a statement.

The company has drawn $340 million to date but does not anticipate it will need to access the facility fully this year, it said.

Shares of the Calgary, Alberta-based company closed down 3 percent at C$1.29 Thursday on the Toronto Stock Exchange. (Reporting by Sakshi A Mattoo in Bangalore; editing by Unnikrishnan Nair)