Block Admission Return



    
    /THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES
    OR THROUGH UNITED STATES NEWSWIRE SERVICES/

    AIM: CEO
    TSX-V: CEN
    

    HOUSTON, Jan. 29 /CNW/ - Coastal Energy Company (the "Company") announces
its AIM block admission return for the period from 24 March 2008 to 24
September 2008.

    
                    Issuable                                        Issuable
    Name of            under    Expired/                               under
     Scheme/       scheme at   cancelled    Issuable      Issued   scheme at
     Exercise       24 March      during      during      during     24 Sept.
     Price              2008  the period  the period  the period        2008
    -------------------------------------------------------------------------

    Common share
     purchase
     warrants
     granted
     20 July 2005
     at GBP 2.80   2,343,745           -           -           -   2,343,745

    Options
     granted
     25 Jan. 05
     under the
     Company's
     Stock
     Option Plan
     at GBP 0.40     187,500           -           -           -     187,500

    Options
     granted
     06 July 05
     under the
     Company's
     Stock Option
     Plan at
     GBP 1.40        175,000     (62,500)          -           -     112,500

    Options
     granted
     27 Dec. 06
     under the
     Company's
     Stock Option
     Plan at
     CAD 2.20      2,900,000    (162,500)          -    (140,000)  2,597,500

    Options
     granted
     15 June 07
     under the
     Company's
     Stock Option
     Plan at
     CAD 2.96        375,000     (62,500)          -           -     312,500

    Options
     granted
     25 Jan 08
     under the
     Company's
     Stock Option
     Plan at
     CAD 3.94      2,375,000    (197,000)          -           -   2,178,000

    -------------------------------------------------------------------------
    Options
     granted
     05 May 08
     under the
     Company's
     Stock Option
     Plan at
     CAD 4.44              -           -     200,000           -     200,000
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Options
     granted
     14 Jul 08
     under the
     Company's
     Stock Option
     Plan at
     CAD 3.61              -           -      85,000           -      85,000
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Options
     granted
     23 Sep 08
     under the
     Company's
     Stock Option
     Plan at
     CAD 2.27              -           -     100,000           -     100,000
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    TOTAL          8,356,245    (484,500)    385,000    (140,000)  8,116,745
    

    As at 24 September, 2008, the Company had 93,630,720 common shares in
issue with a par value of US $0.04.
    As at 25 September 2006, the date of the Company's admission to AIM, the
Company had an issued share capital of 305,832,888 common shares with par
value of US $0.01 admitted to trading on AIM.  As a result of the reverse
stock split, this share capital was reduced to 76,458,222 common shares with
par value of US $0.04.

    Additional information, including the Company's complete competent
person's may be found on the Company's website, www.CoastalEnergy.com or may
be found in documents filed on SEDAR, www.sedar.com.

    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.

    These securities have not been registered under United States Securities
Act of 1933 (the "US Securities Act") or the securities laws of any state and
may not be offered or sold in the United States or to US persons (as defined
in Regulation S under the US Securities Act) unless an exemption from
registration is available.

    
    "The TSX Venture Exchange does not accept responsibility
    for the adequacy or accuracy of this release"
    





For further information:

For further information: Coastal Energy Company: Randy L. Bartley, Chief
Executive Officer, (713) 877-6705; William C. Phelps, Chief Financial Officer,
(713) 877-6727, Email: investor@CoastalEnergy.com; Bell Pottinger Corporate &
Financial: Nick Lambert/Rosanne Perry, +44 (0) 20 7861 3232; KBC Peel Hunt Ltd
(Nominated Adviser): Jonathan Marren/Matt Goode, +44 (0) 20 7418 8900

Organization Profile

COASTAL ENERGY COMPANY

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