Coastal Energy Co.
AIM : CEO
TSX VENTURE : CEO

Coastal Energy Co.

October 31, 2007 07:00 ET

General Meeting of Shareholders to approve reverse stock split

LONDON, UNITED KINGDOM--(Marketwire - Oct. 31, 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 at today's General Meeting of Shareholders held at 11am (BST) at 1 Farnham Road, Guildford, Surrey GU2 4RG all resolutions were passed to effect a reverse split of the Company's common stock. It is expected that the split will become effective, and admission of the new common shares of 76,983,222 of 4 cents each will occur on November 7, 2007.

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.

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

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
    Email: investor@coastalenergy.com
    Website: www.coastalenergy.com
    or
    KBC Peel Hunt (Nominated Adviser and Broker)
    Matt Goode
    +44 (0)20 7418 8900
    or
    Bell Pottinger Corporate & Financial
    Ann-Marie Wilkinson / Nick Lambert / Rosanne Perry
    +44 (0) 20 7861 3232