Amendment to Incentive Stock Option PlanThe Board of Directors has amended the Company's Incentive Stock Option (ISO) plan to include a provision whereby the Company can, at its discretion, elect to settle ISO exercises with cash equal to the fair market value of the shares less the exercise price instead of issuing shares. 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 . The Coastal Energy Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10062 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.
CONTACT: Coastal Energy Company Email: investor@CoastalEnergy.com +1 (713) 877-6793 Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494 Rory Murphy / Andrew Emmott Macquarie Capital (Europe) Limited (Broker) +44 (0) 20 3037 2000 Paul Connolly FirstEnergy Capital LLP (Broker) Hugh Sanderson / Travis Inlow +44 (0) 20 7448 0200 Buchanan Tim Thompson / Ben Romney +44 (0) 20 7466 5000