COSTA closes sale of COSTA Resources Ltd.



    CALGARY, Oct. 21 /CNW/ - COSTA Energy Inc. ("COSTA" or the "Company")
(TSX Venture Exchange ("TSX-V"): COE) announces that the Company today closed
the previously announced sale of all the shares in the capital of the
Company's wholly owned subsidiary, COSTA Resources Ltd., which holds all of
the Company's oil and gas assets, to Cumberland Oil & Gas Ltd. for aggregate
cash consideration of $1,800,000 (the "Closing").
    At the Annual and Special Meeting of the Company held on October 20,
2008, the shareholders passed a special resolution with greater than the
requisite 66 2/3% approving the sale. The meeting also re-elected Messrs.
Curtis D. Bartlett, Terry D. Brooker, John McBride, Ron D. Miller and A.
Murray Sinclair to the board of directors. In addition, the shareholders
passed a special resolution to effect the consolidation of the common shares
on up to a ten for one basis, with the final consolidation ratio to be
determined by the board of directors.
    After the Closing, the Company has no operating assets and will be
transferred from the TSX-V to NEX, which is a separate board maintained by the
TSX-V for the listing of companies which do not meet the minimum TSX-V tier
maintenance requirements.

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





For further information:

For further information: Requests for shareholder information should be
directed to: Mr. Terry D. Brooker, President and Chief Executive Officer,
COSTA Energy Inc., (403) 206-3430, Email: tbrooker@costaenergy.com

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COSTA ENERGY INC.

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