A compressed sheet gasketing material is provided with a combination of high elastomer content and high swelling medium content. In one aspect, the swelling medium may include bentonite clay and may be provided a weight percentage that varies from 30 to 60%. In another aspect, a rubber content weight percentage that varies from 20 to 30% provides a relatively high compressibility. The compressed sheet gasketing material may further include one or more various fibers commonly used in high pressure sheet formulations.