SOURCE: Coastal Energy Company

February 05, 2010 12:21 ET

Coastal Energy Announces Insider Transaction

HOUSTON, TX--(Marketwire - February 5, 2010) - Coastal Energy Company (the "Company" or "Coastal") (TSX-V: CEN) (AIM: CEO), an independent exploration and production company with assets in Thailand, announces that it was notified January 21, 2010 of the following sales transaction of ordinary shares in the Company ("Ordinary Shares"):

                                                       Shares      % of
                                     Shares            Owned       Total
                       Transaction    this           Following  Outstanding
Shareholder    Title       Date   Transaction Price  Transaction     *
-----------   -------- ------------ -------- ------- ----------- ---------

John Zaozirny Director Jan 21, 2010   25,000 C$ 5.39      75.000      0.07%

All other
 Directors                                             3,249,475      2.98%
-----------   -------- ------------ -------- ------- ----------- ---------
Total all
 Directors                                             3,314,475      3.05%

* Based on total common stock currently issued and outstanding of

This sale was undertaken in conjunction with an exercise of 25,000 incentive stock options by Mr. Zaozirny.

Update on Block Admission

The Company received approval from the London Stock Exchange for the block admission to trading on AIM of 113,078,222 Ordinary Shares on November 6, 2009 (the "Block Admission). As at the date of this announcement the Company has issued 109,072,593 Ordinary Shares under the terms of the Block Admission and therefore have received approvals to issue, in the future, a further 4,005,629 Ordinary Shares. Further updates will be provided on a semi-annual basis from the date of this announcement.

Additional information, including the Company's complete competent person's report may be found on the Company's website, or may be found in documents filed on SEDAR,

These securities have not been registered under United States Securities Act of 1933 (the "US Securities Act") or the securities laws of any state and may not be offered or sold in the United States or to US persons (as defined in Regulation S under the US Securities Act) unless an exemption from registration is available.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

This news release is not for dissemination in the United States or through United States newswire services

Contact Information

  • Enquiries:

    Coastal Energy Company
    Randy L. Bartley
    Chief Executive Officer
    +1 713 877 6705
    William C. Phelps
    Chief Financial Officer
    +1 713 877 6727
    Email: Email Contact

    Strand Hanson Limited (Nominated Adviser)
    +44 (0) 20 7409 3494
    Rory Murphy
    Paul Cocker

    Thomas Weisel Partners (Broker)
    +44 (0) 20 7877 4300
    Paul Colucci

    Macquarie Capital (Europe) Limited (Broker)
    +44 (0) 20 3037 2000
    Ben Colegrave
    Paul Connolly

    Buchanan Communications
    +44 (0) 20 7466 5000
    Tim Thompson
    Catherine Breen
    Katharine Sutton