Coastport Capital Inc.
TSX VENTURE : CPP
FRANKFURT : C1J

Coastport Capital Inc.

July 12, 2010 17:30 ET

Coastport Capital Inc.: Agreement to Drill Horizontal Montney Well

CALGARY, ALBERTA--(Marketwire - July 12, 2010) - Malcolm Todd, Chief Executive Officer of Coastport Capital Inc. ("Coastport" or the "Company") (TSX VENTURE:CPP)(FRANKFURT:C1J), reports that the Company has entered into an agreement for the drilling of a horizontal well on its Deep Valley liquid-rich, Montney natural gas resource play. Drilling is expected to commence in the fourth quarter of this year.

At present, Coastport has varying interests in 23 gross sections of land in the area (15 net sections: 7 sections at 100%; 16 sections at 50%). A producer active in the area (also our joint venture partner in the 16 gross sections) has committed to drilling a horizontal Montney test well with Coastport paying 25% of the horizontal, multi-stage frac well costs (drill, equip, complete and tie-in) to retain a 50% working interest after payout in the 7 section block.

In addition, the Company will be proceeding with the continuation of its corporate domicile from British Columbia to Alberta. The Company will also be changing its name to "Donnybrook Energy Inc." The continuation and name change is subject to the acceptance of the TSX Venture Exchange.

Coastport is an emerging Canadian oil and natural gas exploration and production company, focused on horizontal multi-stage frac development in the liquid-rich Montney and Bluesky formations in the Deep Valley area of Northwestern Alberta.

ON BEHALF OF THE BOARD OF COASTPORT CAPITAL INC.

Malcolm Todd, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Coastport Capital Inc.
    Malcolm Todd
    Chief Executive Officer
    (604) 684-2356
    (604) 684-4265 (FAX)
    www.coastportcapital.com