Computer Guessing Function

import random
#Written Under Request
#Python 3.1
def compguess(usernum):
    toohigh = []
    toolow = []
    correct = False
    low = 0
    high = 0
    loopnum = 0
    while correct == False:
        loopnum = loopnum + 1
        if loopnum == 1:
            guess = random.randrange(1,1001)
        else:
            guess = random.randrange(low,high)
        print('The Computer Has Guessed:',guess)
        if guess > usernum:
            print('The Computers Guess Was Too High')
            guessedyet = False
            toohigh.append(guess)
            toohigh.sort()
            high = toohigh[0]
        if guess < usernum:
            guessedyet = False
            print('The Computers Guess Was Too Low')
            toolow.append(guess)
            toolow.sort()
            toolow.reverse()
            low = toolow[0]
        if guess == usernum:
            guessedyet = True
            print('The Computers Guess Was Correct')
            correct = True
        if guessedyet == False:
            print('Do You Want The Computer To Guess Again')
            valid = False
            while valid == False:
                print('Enter "0" For No or "1" For Yes')
                option = input(': ')
                if option in ['1','0']:
                    valid = True
                else:
                    print('Invalid Input')
            if option == '1':
                correct = True

#Place Any Integer Or Variable Containing Integer In The Argument Field
compguess(78)