HOUSTON, June 11, 2013 (GLOBE NEWSWIRE) -- Coastal Energy Company (the "Company" or "Coastal") (TSX:CEN) (AIM:CEO) advises that the TSX ("TSX") has accepted Coastal's Notice of Intention to make a Normal Course Issuer Bid to purchase some of its common shares through the facilities of the TSX and through other Canadian market places. The normal course issuer bid ("NCIB") will commence on June 14, 2013 and terminate on the earliest of the purchase of 5,680,241 common shares, Coastal providing a notice of termination, and June 13, 2014. Any common shares purchased pursuant to the Normal Course Issuer Bid will be cancelled by the Company.
A copy of the Company's Notice filed with the TSX may be obtained, by any shareholder without charge, by contacting Coastal's Corporate Secretary.
Coastal seeks to purchase up to 5,680,241 common shares over the course of the next twelve months, being 5% of its issued and outstanding common shares as of May 31, 2013. No more than the greater of 25% of the average daily trading volume of Coastal's listed shares for the period December 1, 2012 – May 31, 2013 (54,542 shares per day) or 1,000 shares will be purchased on the same trading day. As of June 5, 2013, Coastal had 113,604,820 common shares issued and outstanding. Purchases will be made in open market transactions by a registered investment dealer through the facilities of the TSX and through other Canadian market places, or by such other means as may be permitted by the TSX, and under applicable laws.Over the past twelve months, 1,295,450 shares have been purchased, with an average price of C$14.46. There can be no assurance as to the precise number of shares that will be repurchased under the share repurchase program, or the aggregate dollar amount of the shares purchased.