PresseKat - DGAP-News: Coastal Energy Announces Successful Miocene Discovery at Bua Ban South

(firmenpresse) - Coastal Energy Company

02.04.2012 14:30
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HOUSTON, 2012-04-02 14:30 CEST (GLOBE NEWSWIRE) --
Coastal Energy Company (the 'Company' or 'Coastal') (TSX:CEN) (AIM:CEO)
announces the successful Miocene discovery in the Bua Ban South A-04 well.

The Bua Ban South A-04 well was drilled to a depth of 3,250 feet TVD on the
eastern flank fault block at Bua Ban South, approximately 1.5 miles south of
the Bua Ban Main A-11 well. The A-04 well encountered 42 feet of net pay in the
Lower Miocene M75 and M100 sands with 29.5% average porosity. The M75 is a
newly discovered pay sand in the Lower Miocene. Initial results indicate that
this is an extension of the Miocene reservoir which was encountered in the Bua
Ban Main A-11. The A-11 well has been producing since September 2010 and is
currently producing over 500 bopd. The minimum areal extent of the closure is
approximately 550 acres.

Randy Bartley, President&Chief Executive Officer, commented:

'We are greatly encouraged by the successful Miocene results in the A-04 well.
We have now discovered oil in three different Miocene intervals between Bua Ban
Main and Bua Ban South. This new discovery is very positive for the Miocene
remaining potential across the entire basin as well as supporting the potential
of recent Oligocene discoveries in the Bua Ban South area.

'The Bua Ban South A-03ST#1 well has been spudded and will test the Eocene
objective. We are currently evaluating locations for Miocene appraisal wells
and will begin drilling those following the A-03ST#1.'

Randy Bartley, President and Chief Executive Officer of the Company and a
member of the Society of Petroleum Engineering and Jerry Moon, Vice President,
Technical&Business Development, a member of the American Association of

Petroleum Geologists, a Certified Petroleum Geologist and a Licensed
Professional Geoscientist in the state of Texas, have reviewed the contents of
this announcement.

The Coastal Energy Company logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=10062

Additional information, including the Company's complete competent person's
report may be found on the Company's website at www.CoastalEnergy.com or 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.

CONTACT: Coastal Energy Company
Email: investor(at)CoastalEnergy.com
+1 (713) 877-6793

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

Macquarie Capital (Europe) Limited (Broker)
Paul Connolly / Jeffrey Auld
+44 (0) 20 3037 2000

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

Buchanan Communications
Tim Thompson / Ben Romney
+44 (0) 20 7466 5000
News Source: NASDAQ OMX

02.04.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

DGAP's Distribution Services include Regulatory Announcements,
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Media archive at www.dgap-medientreff.de and www.dgap.de

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Language: English
Company: Coastal Energy Company

Cayman Islands
Phone:
Fax:
E-mail:
Internet:
ISIN: KYG224041189
WKN:

End of Announcement DGAP News-Service

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