Can we make up for the missed obligatory prayers? I read a hadith about compensation praying which says it is only valid in cases of forgetting and sleeping. What is your opinion?
In fact, there is no such thing as making up for the missed prayer in the Qur’an and in the Example of Messenger Muhammad.
If you forget or sleep, you can perform those missed prayers out of their regular prayer times as soon as you wake up or remember. This is actually not “making up for the prayer” but merely “performing that prayer”. Messenger Muhammad once could not wake up for the fajr prayer, and once forgot the asr prayer in the Battle of the Trench, due to heavy enemy fire. So he could not perform his prayers in their prescribed times. Then, he offered the prayer as soon as he remembered.
Hanbali sect does not recognize compensation prayer except for forgetting, sleeping and heavy enemy fire. Shafii, Maliki, Hanafi sects agree on that the missed prayers can be performed later on without an excuse, basing on the comparison (qiyas) to above situations. However, evidence supports the opinion of Hanbali sect.
Except these situations, making up for a missed prayer is not acceptable. The people who miss the prayer due to negligence or laziness commit a major sin. They must immediately repent, ask for forgiveness from God and never miss prayers again, because the Almighty God decrees:
“When you offer the prayer, commemorate God standing and sitting and on your sides. When you are secure, offer the prayer duly, because the prayer has been prescribed to the believers as linked to particular times.“ (An-Nisa 4:103)
When the particular time of a prayer is missed, it cannot be performed unless there is one of the excuses below as stated by Prophet Muhammad:
The following hadith is narrated from Prophet Muhammad after the fajr prayer he had missed by sleeping. He does not mention making up for the prayer in his words about those who skip the prayer intentionally:
“Qatada reported from Anas b. Malik (r.a.) that Prophet Muhammad (pbuh) said: “Whoever forgets a prayer or sleeps and misses it, let him offer it as soon as he remembers, for there is no expiation for it other than that.” 
“Qatada reported from Anas b. Malik (r.a.) that Prophet Muhammad (pbuh) said: When any one of you omits the prayer due to sleep or he forgets it, he should offer it when he remembers it, for Allah has said:” Offer the prayer for remembrance of Me.” (Ta-Ha 20:14)“
 Bukhari, Mawakit as-salat 35; Muslim, Masajid 310-313; Nasai, Mawakit 55; Ahmad B. Hanbal, 2/428, 4/441
 Bukhari, Mawakit as-salat 36-38, Adhan 26, Salat al-hawf 4, Maghazi 29.
 Muslim, Masajid, 684 a; In-book reference: Book 5, Hadith 402
 Muslim, Masajid, 684 d; In-book reference: Book 5, Hadith 405