COSTA Releases 2009 first quarter results and closes financing



    CALGARY, June 2 /CNW/ - COSTA Energy Inc. ("COSTA" or the "Company")(NEX:
CEQ.H) has released its financial and operating results for the three months
ended March 31, 2009.


    
    SUMMARY
    Three Months Ended
    March 31, 2009
    (Unaudited)
    -------------------------------------------------------------------------
    Financial ($)

    Net loss  and comprehensive loss                                $ 67,843
    Net loss per share, basic and diluted                           $   0.02
    -------------------------------------------------------------------------
    Shares

    Weighted average basic and diluted                             4,326,076
    Outstanding at period end                                      4,326,076
    -------------------------------------------------------------------------
    


    The Company experienced a net loss and comprehensive loss of $67,843
($0.02 per share, basic and diluted) for the three months ended March 31,
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.
    COSTA is pleased to announce that it has closed a non-brokered private
placement of 3,600,000 common shares at $0.05 per share for total
consideration of $180,000 before issue costs estimated at $5,000. Proceeds
will be used for working capital purposes. Management and directors of COSTA
acquired 700,000 common shares at $0.05 per share for consideration of
$35,000. The common shares issued pursuant to this private placement are
subject to a four month statutory hold period. The Company issued finder's
fees of $1,300 and 130,000 broker warrants pursuant to the private placement.
Each broker warrant entitles the holder to acquire one common share at an
exercise price of $0.05 per share on or before June 1, 2010.
    With this new financing, COSTA now has 7,926,076 outstanding common
shares, 1,717,030 warrants and 130,000 broker warrants outstanding. Management
and directors, MHI Energy Advisory Inc. and/or their associates and affiliates
now hold or control 1,740,747 common shares and 221,300 warrants;
approximately 20.1% on a fully diluted basis.
    Until October 2008, COSTA was engaged in acquisition, exploration,
development and production of petroleum and natural gas reserves in Canada.
The Company currently has no operating assets. COSTA is positioning itself for
a change of business and /or reverse takeover transaction.

    
    About COSTA
    -----------
    

    COSTA's interim report, management's discussion and analysis and
financial statements for the quarter ended March 31, 2009 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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