SOURCE: Coastal Energy Company

Coastal Energy Company

April 18, 2011 18:13 ET

Coastal Energy Announces Change in Directors

HOUSTON, TX--(Marketwire - Apr 18, 2011) - Coastal Energy Company (the "Company" or "Coastal") (TSX-V: CEN) (AIM: CEO) announces that Mr. Bernard de Combret has resigned his position as Non-executive Chairman of the Board of Directors with immediate effect. Mr. de Combret informed the Company's Board that he is resigning to allow time for other business commitments.

Mr. Forrest E. Wylie has also informed the Company that he is resigning from the Board of Directors with immediate effect. Mr. Wylie is resigning all of his outside board memberships due to his time commitment as Chairman and CEO of Buckeye GP, LLC.

The Board of Directors has unanimously voted that Mr. Lloyd Barnaby Smith assume the position of Non-executive Chairman on an interim basis. The Board also unanimously voted that William C. Phelps, Chief Financial Officer, fill one of the Board seats following the departure of Messrs. de Combret and Wylie. Mr. Phelps' election brings the total number of management members on the Board to two, which is in line with market standards.

Randy L. Bartley, President and Chief Executive Officer, commented:

"I would like to thank both Messrs. de Combret and Wylie for their service to the Company. Their experience and insight have been invaluable to the Company over the past five years. We wish them the best in their future endeavors. The Board has formed a search committee to evaluate candidates to succeed Messrs. de Combret and Wylie on a permanent basis.

"Additionally, we are pleased that the Board has elected Mr. Phelps as its newest member. Bill has been involved with Coastal since its inception and has been a valuable part of the Company's development."

Additional Information

William Clark Phelps, aged 39, is the Chief Financial Officer of Coastal Energy Company and was previously Chief Financial Officer of NuCoastal (Thailand) Limited, a subsidiary of the Company.

There is no other information that is required to be disclosed pursuant to paragraph (g) of Schedule Two to the AIM Rules for Companies.

Additional information, including the Company's complete competent person's report may be found on the Company's website at www.CoastalEnergy.comor may be found in documents filed on SEDAR at www.sedar.com.

This statement contains 'forward-looking statements' as defined by the applicable securities legislation. Statements relating to current and future drilling results, existence and recoverability of potential hydrocarbon reserves, production amounts or revenues, forward capital expenditures, operation costs, oil and gas price forecasts and similar matters are based on current data and information and should be viewed as forward-looking statements. Such statements are not guarantees of future results and are subject to risks and uncertainties beyond Coastal Energy's control. Actual results may differ substantially from the forward-looking statements.

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
    Email: Email Contact
    +1 (713) 877-6793

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

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

    FirstEnergy Capital LLP (Broker)
    Hugh Sanderson
    +44 (0) 20 7448 0200
    Travis Inlow

    Buchanan Communications
    Tim Thompson
    +44 (0) 20 7466 5000
    Chris McMahon
    Ben Romney