Coastal Energy Company Grants Stock Options



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

    AIM: CEO
    TSX-V: CEN
    

    HOUSTON, Jan. 27 /CNW/ - Coastal Energy Company (the "Company") (TSX-V:
CEN, AIM: CEO), an independent exploration and production company with assets
in South-East Asia, is pleased to announce that it granted a total of
3,509,000 incentive stock options to directors, officers, employees and
contractors of the Company, pursuant to the Company's Stock Option Plan on
January 26, 2009. These options are exercisable at a price of Cdn $1.35 per
share, vest over a period of three (3) years and expire five (5) years from
the date of award. The following director and officers were granted the
following options.

    
    Director/Officer           Number of Options   Total Options Outstanding
                                   This Grant           After This Grant
    -------------------------------------------------------------------------
    Bernard de Combret                   500,000                     750,000
    Randy L. Bartley                     780,000                   1,780,000
    William C. Phelps                    367,000                     867,000
    John Griffith                        308,000                     408,000
    Stephen M. Holder                    129,000                     384,000
    Jerry A. Moon, Jr.                    73,000                     173,000
    All other directors
     and officers                              0                   1,625,000
                               ----------------------------------------------
      Subtotal all directors
       and officers                    2,157,000                   5,987,000
    All other employees
     and contractors                   1,352,000                   3.103,000
                               ----------------------------------------------
      Total all options                3,509,000                   9,090,000
                               ----------------------------------------------
                               ----------------------------------------------

    As at January 26, 2009 the Company had 93,630,720 shares of common stock
issued and outstanding.

    On behalf of Coastal Energy Company
    "Randy Bartley"
    President, Chief Executive Officer and Director

    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.

    (*) Per barrel of oil equivalent ("boe") amounts have been calculated
    using a conversion rate of six thousand cubic feet of natural gas to one
    barrel of oil equivalent (6:1). The term boe may be misleading,
    particularly if used in isolation. A boe conversion ratio of 6mcf to 1bbl
    of oil is based upon an energy equivalency conversion method primarily
    applicable at the burner tip and does not represent a value equivalency
    at the wellhead.

    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: Enquiries: 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

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COASTAL ENERGY COMPANY

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