You are more than welcome to use "Wooden Compass Productions" instead of just "Wooden Compass". The "Productions" isn't really necessary, but if it helps unify a design, then by all means try it out.
You can see some info on the first film that will utilize the new company logo here: http://www.refugeshortfilm.com
We specialize in character driven content that explores the genres of Action, Adventure, and Drama.
We are looking for a logo that feels appropriate for an art driven/storytelling film company. We are not looking for our logo to have a corporate or tech start up feel.
Imagine this logo playing before a film like Gladiator, Inception, Dark Knight, Star Wars, etc. If that was your audience, how would it influence your design? Be imaginative in your approach. We are in search of something unique and iconic, and encourage you to think outside the box. In other words, you don't have to be 100% literal with the imagery you use. The imagery can be abstracted as long as it tells a story that suggests back to "Wooden Compass" in some way.
Don't be afraid to take advantage of the film/tv aspect ratio in your design. After all, this is predominantly where the logo will be seen.
Lastly, please be careful about abbreviating with "WC". We don't want to be associated with a "water closet" (bathroom) in Europe and Asia.
See below for a couple of more examples of what we feel are very successful Film Logos.