HOUSTON, Sept. 24, 2012 (GLOBE NEWSWIRE) -- Coastal Energy Company (the "Company" or "Coastal") (TSX:CEN) (AIM:CEO) announces the initial flow rate from the Songkhla A-10 well.
The Songkhla A-10 well was completed using an electric submersible pump and is initially flowing approximately 4,000 bopd while still cleaning up. The next well, the A-13, has been spudded and will test the northeastern fault block at Songkhla A.
Randy Bartley, President and Chief Executive Officer, commented:"We are pleased with the initial flow rate from the A-10 well. We expect some additional gains in production as the well continues to clean up. Current offshore production is 23,000 bopd with total company production at 25,500 boepd. The A-13 well is an exploration well testing a step-out prospect across the fault line in the northeastern area of Songkhla A. If successful, it will add additional reserves and open up a new area for further appraisal and development." 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. 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. The Coastal Energy Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10062
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