Randy Bartley, President and Chief Executive Officer, commented:
"We are very pleased to have encountered yet another hydrocarbon bearing fault block within the Songkhla field. We plan to drill a well higher up structure to add additional pay thickness. We are in the process of integrating the data gathered in the well with our seismic to identify the best potential updip location.
"The completion of the Richmond project was a key hurdle to increasing capacity at Bua Ban North and being able to implement the full field development plan. We expect to begin drilling additional development wells at Bua Ban North in early 2013. We are also now in position to bring production online at Bua Ban South and proceed with the frac program. We plan on performing a 3-stage frac on the Lower Oligocene in the A-01 well and a six-stage frac on the Lower Oligocene and Eocene in the A-03 well. We expect to have results from these two programs by late November or early December."
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.
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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.
Coastal Energy Company
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