Coastal Energy Co.

Coastal Energy Co.

October 20, 2008 09:30 ET

Coastal Energy Announces Insider Transactions

LONDON, UNITED KINGDOM--(Marketwire - Oct. 20, 2008) -


Coastal Energy Company ("the Company" or "Coastal Energy") (TSX VENTURE:CEN)(AIM:CEO), an independent exploration and production company with assets in Southeast Asia, announces that it was notified today of the following purchases of ordinary shares in the Company:

Shares Date(s) of Shares
Officers Title Purchased Purchase Price Owned

CEO, 16 & 17
Randy L. Bartley President 25,000 October, 2008 0.9148 USD 25,000

William C. Phelps VP, CFO 10,000 October, 2008 0.86 USD 10,000

VP, 17
Stephen M. Holder Controller 10,000 October, 2008 0.9386 USD 10,000

Assistant 9
M. Truman Arnold Secretary 5,000 October, 2008 1.1454 USD 7,500

All other officers 0
Total all officers 50,000 52,500

As of today, the holdings of Messrs. Bartley, Phelps, and Holder represent 0.0267%, 0.0107%, and 0.0107%, respectively, of the Company's 93,630,720 shares outstanding.

Notes to Editors

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

- 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 45.5 million barrels oil equivalent(i)

- The Company's current assets include:

- Offshore Thailand

-- 100% of block G5/43 - two oil fields currently under development with several other appraisal and exploration opportunities. Production is expected to commence Q4 2008

-- 100% of block G5/50 - within the boundaries of block G5/43 in the Ko Kra basin

- Onshore Thailand

-- 12.6% net interest in blocks EU1 and E5N which include the Phu Horm gas field, which was producing in excess of 100 mmcf/d at the end of the second quarter 2008.

-- 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

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

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.

(i) Per barrel of oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent (6:1). The term boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6mcf to 1bbl of oil is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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
    +44 (0) 1483 549 549
    Coastal Energy Company
    Randy L. Bartley
    Chief Executive Officer
    (713) 877-6705
    Coastal Energy Company
    William C. Phelps
    Chief Financial Officer
    (713) 877-6727
    Bell Pottinger Corporate & Financial
    Nick Lambert
    +44 (0) 20 7861 3232
    Bell Pottinger Corporate & Financial
    Rosanne Perry
    +44 (0) 20 7861 3232
    KBC Peel Hunt Ltd (Nominated Adviser)
    Jonathan Marren
    +44 (0) 20 7418 8900
    KBC Peel Hunt Ltd (Nominated Adviser)
    Matt Goode
    +44 (0) 20 7418 8900