COSTA Releases 2008 Year-End Results



    CALGARY, April 28 /CNW/ - COSTA Energy Inc. ("COSTA" or the Company)(NEX:
CEQ.H) has released its financial and operating results for the year ended
December 31, 2008.

    
    SUMMARY
    Year Ended Dec. 31,                                     2008        2007
    -------------------------------------------------------------------------
    Financial (Audited)
    Oil and gas revenue ($000's)                           $ 745     $ 1,584
    Net loss and comprehensive loss ($000's)             $ 3,368     $ 3,449
    Net loss per share, basic and diluted                 $ 0.78      $ 1.01
    -------------------------------------------------------------------------
    Shares (Audited)
    Weighted average basic and diluted                 4,326,076   3,421,583
    Outstanding at year end                            4,326,076   4,326,076
    -------------------------------------------------------------------------
    

    2008
    ----
    The Company experienced a net loss and comprehensive loss of $3,367,746
($0.78 per share, basic and diluted) for the year ended December 31, 2008. In
October 2008, COSTA sold COSTA Resources Ltd. ("Resources") for aggregate cash
consideration of $1.8 million. Resources was a wholly-owned subsidiary and
held all of the Company's oil and gas assets. All bank and debenture
indebtedness was repaid immediately from the proceeds of the sale.
    Subsequent to the sale, the Company downsized to one employee, cut costs
and relocated to smaller premises.

    2009
    ----
    In March 2009, the Company completed the consolidation of its common
shares on the basis of one (1) post-consolidation common share for every ten
(10) pre-consolidation common shares. The basic and diluted losses per share
and share amounts above give effect to the share consolidation.
    Effective March 31, 2009, the Company also cancelled all of its
outstanding options. The Company is simplifying its capital structure to
better position itself to complete a change of business and/or a reverse
takeover transaction.

    About COSTA
    -----------
    COSTA's 2008 annual report, management's discussion and analysis and
audited financial statements for the year ended December 31, 2008 are
available on www.sedar.com and the Company's website at www.costaenergy.com.

    
    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    




For further information:

For further information: Requests for shareholder information should be
directed to: Mr. David F. Campbell, President and Chief Executive Officer,
COSTA Energy Inc., (403) 242-5676, Email: dcampbell@costaenergy.com

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COSTA ENERGY INC.

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