Coastal Energy Co.
AIM : CEO
TSX VENTURE : CEO

Coastal Energy Co.

October 05, 2007 12:22 ET

Coastal Energy Announces a General Meeting of Shareholders

LONDON, UNITED KINGDOM--(Marketwire - Oct. 5, 2007) -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH UNITED STATES NEWSWIRE SERVICES

Coastal Energy Company, (TSX VENTURE:CEO)(AIM:CEO) ("Coastal" or "the Company") an independent exploration and production company with assets in South-East Asia, announces that a General Meeting of Shareholders ("GM") will beheld at 11am (BST) on 30 October 2007 at 1 Farnham Road, Guildford, Surrey GU2 4RG.

At the GM, the Board of Directors will be seeking approval from the shareholders for resolutions to effect a reverse split of the Company's common stock and amend the Company's Articles of Association for the purpose of effecting the share consolidation. Passage of these resolutions, in addition to those passed at the Company's Annual General Meeting of Shareholders held in August, are required so that the Company can proceed with the Reverse Stock Split in accordance with Cayman Islands law.

The Directors believe that with a conversion ratio of one share for every four held, this Reverse Stock Split will consolidate the Company's Common Stock so that the number of outstanding shares will be better aligned with the Company's corporate, financial and strategic objectives.

Notes to Editors

- Coastal Energy is an oil and gas exploration, development and production company, with core assets onshore and offshore Thailand and Nevada, USA

- The Company specialises in identifying and developing under-exploited or "orphaned" assets. Management has proven experience at identifying and unlocking value from overlooked, abandoned, low risk assets with proven hydrocarbon potential

- This strategy has enabled the Company to assemble an asset base in Thailand that includes production of approximately 11.5 mmcf/d of gas under long term contract and offshore oil fields currently under development

- Production growth over the next 12 - 18 months is expected to grow exponentially and proven, probable and possible reserves are 45.3 million barrels oil equivalents(ii)

- The Company's current assets include:

- Offshore Thailand

- 100% of block G5/43 - 3 successful appraisal wells drilled in 2005 / 2 additional discoveries on the block awaiting appraisal / untested exploration potential in Songkhla Basin

- Onshore Thailand

- 12.6% net interest in blocks EU1 and E5N which include the Phu Horm gas field currently producing between 90 and 100 mmcf/d

- 36.1% net interest in block L15/43 surrounding the Phu Horm field

- 36.1% net interest in block L27/43 - containing the undeveloped Dong Mun gas field

-- 21.7% net interest in block L13/48 located adjacent to blocks L15/43 and L27/43, contains Si That discovery

- For additional information, including the Company's complete competent person's report, please visit the Company website, www.coastalenergy.com.

(ii) Gas converted at 6 mcf / barrel oil equivalent

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.

Contact Information

  • Coastal Energy Company
    Frank Inouye
    Chief Executive Officer
    +44 (0) 1483 549 549
    or
    Coastal Energy Company
    William C. Phelps
    Chief Financial Officer
    +01 713 877 6727
    or
    Bell Pottinger Corporate & Financial
    Ann-Marie Wilkinson
    +44 (0) 20 7861 3232
    or
    Bell Pottinger Corporate & Financial
    Nick Lambert
    +44 (0) 20 7861 3232
    or
    Bell Pottinger Corporate & Financial
    Rosanne Perry
    +44 (0) 20 7861 3232