CALGARY, Dec. 3 /CNW/ - COSTA Energy Inc ("COSTA" or the "Company") (TSX
Venture - COE) has closed the sale of its Pembina property effective October
1, 2007 to an independent oil and gas producer for gross proceeds of $445,000.
The property consists of a 41.25 % interest in one-half section of land
and five producing wells in Alberta. Current net production at Pembina is
about 13 barrels per day ("bbl/d") of oil and natural gas liquids, and 14
thousand cubic feet per day ("mcf/d") of natural gas.
COSTA viewed this operated property as non-core and will use the net
proceeds to reduce its bank debt. The Company's current net production,
without Pembina, is about 340 mcf/d and 8 bbl/d of oil and natural gas
COSTA is a Calgary based junior oil and gas company, which explores for,
develops, produces, and sells crude oil, natural gas liquids and natural gas
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Requests for shareholder information should be
directed to: Terry D Brooker, President and CEO, COSTA Energy Inc., Calgary,
Alberta, Telephone: (403) 206-3430, Email: firstname.lastname@example.org