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Coastal Energy Announces 2012 Year End Financial Results & Operations Update

HOUSTON, March 28, 2013 (GLOBE NEWSWIRE) -- Coastal Energy Company (the "Company" or "Coastal Energy") (TSX:CEN) (AIM:CEO), an independent exploration and production company with assets in Southeast Asia, announces the financial results for the year ended December 31, 2012. The functional and reporting currency of the Company is the United States dollar.

2012 Financial Highlights
  • Total Company production increased to 21,373 boe/d in the fourth quarter of 2012 from 14,508 boe/d in the same period last year. Year over year offshore production was bolstered by the inclusion of a full quarter of production at the Bua Ban North A platform. Sequential quarterly offshore production was impacted downwardly in the fourth quarter due to a production facilities swap out at Bua Ban North as well as downtime at the Bua Ban North B platform while the second rig was mobilized to that location in December. Average onshore production for the fourth quarter of 2012 was 2,419 boe/d compared to 1,122 boe/d in 2011. Total company production for the full year 2012 increased to 21,912 boe/d, a 90% increase from 2011 levels of 11,540 boe/d.  
  • EBITDAX for the full year of 2012 was $494.9 million, 145% higher than the $201.7 million recorded in 2011. Revenue and EBITDAX were driven higher by increased production and commodity prices. Crude oil inventory was 503,594 barrels at year end, the revenue from which will be recognized in 2013.   
  • The Company reported fully diluted EPS of $1.92, a 368% increase from 2011 fully diluted EPS of $0.41.  
  • The Company reported fully diluted CFPS of $3.27, a 101% increase from 2011 fully diluted CFPS of $1.63.  
  • Note: Per share calculations use weighted average fully diluted shares outstanding for the period
  • The Company released the results of its third-party reserve evaluation report prepared by RPS Energy, Ltd. dated March 20, 2013 (effective date December 31, 2012). The Company reported significant gains in its 1P, 2P and 3P reserve bases, with volumetric increases of 9%, 40% and 78%, respectively. The Company's 1P, 2P and 3P NAVs also increased significantly, rising by 21%, 43% and 62%, respectively.
  As of December 31, 2012 (mmboe) As of December 31, 2011 (mmboe) % Change After-Tax NPV 2012 (US$MM) After-Tax NPV 2011 (US$MM) % Change   After-Tax NPV per Share 2012 (US$)
Offshore 68.8 62.5 10% $1,832.1 $1,491.7 23% $15.64
Onshore 7.3 7.4 -1% $120.5 $126.5 -5% $1.03
Total 1P 76.1 69.9 9% $1,952.6 $1,618.2 21% $16.67
Proved + Probable              
Offshore 120.4 80.0 51% $2,475.2 $1,668.0 48% $21.13
Onshore 23.9 22.9 4% $237.9 $230.7 3% $2.03
Total 2P 144.3 102.9 40% $2,713.1 $1,898.7 43% $23.16
Proved + Probable + Possible              
Offshore 168.5 87.1 93% $2,919.0 $1,742.0 68% $24.92
Onshore 27.6 22.9 21% $275.9 $230.7 20% $2.36
Total 3P 196.1 110.0 78% $3,194.9 $1,972.7 62% $27.27
Note: Reserve figures are shown as net working interest before royalties (Thailand royalty regime is discussed in the MD&A of the Company's Annual Report dated December 31, 2012). After-tax NPV figures are defined as future net revenues discounted at 10%. Reserve numbers taken from the Company's competent person's report prepared by RPS Energy Ltd. dated as of December 31, 2012 (prepared in accordance with NI 51-101 and the COGE Handbook) which may be found on the Company's website at . Per share values are based on fully diluted shares outstanding as of December 31, 2012

Q1 2013 Operations Update

The Company continued its development program at Bua Ban North and Songkhla A and also completed its pilot hydraulic fracturing program at Bua Ban South during the first quarter.

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