Coastal Energy's P+P Thailand reserves at 149.1 mmboe

2012-07-31 20:19 ET - News Release

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Mr. Randy Bartley reports

COASTAL ENERGY ANNOUNCES RESULTS OF THIRD PARTY INTERIM RESERVES EVALUATION

Coastal Energy Company has released the results of an interim third party evaluation of its onshore and offshore reserves in Thailand. RPS Energy Ltd. prepared a report dated July 30, 2012, with an effective date of March 31, 2012, in accordance with the guidelines established by the Society of Petroleum Engineers. The RPS report was prepared to incorporate the Company's drilling results at Bua Ban North & South in 2012 as well as information from core analyses which were completed subsequent to the RPS report published on March 27, 2012, which had an effective date of December 31, 2011. All comparisons made use the reserve numbers from the report effective December 31, 2011 as the base.

Offshore Proved reserves (1P) increased by 30% to 81.0 mmbbl and offshore Proved plus Probable reserves (2P) increased by 60% to 127.7 mmbbl. Total company Proved reserves (1P) increased by 26% to 87.9 mmboe and total company Proved plus Probable reserves (2P) increased by 45% to 149.1 mmboe.

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PS.  Good oil/gasser with continuous insider buying.

Cheers,

Dave.