/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR
THROUGH UNITED STATES NEWSWIRE SERVICES/
HOUSTON, Feb. 6 /CNW/ - Coastal Energy Company (the "Company" or
"Coastal") (TSX-V: CEN, AIM: CEO), an independent exploration and production
company with assets in South-East Asia, announces changes to its senior
management and Board of Directors.
Mr. Albert Whitehead, who has been Chairman of Coastal since its
formation in November, 2006, has retired and Mr. Frank Inouye, Coastal's
current President and Chief Executive Officer has been appointed as the new
Chairman of the Company.
Mr. Randy Lynn Bartley, age 54, has been appointed as President, Chief
Executive Officer and a Director of the Company. Mr. Bartley comes to Coastal
from Erskine Energy, LLC, a private equity sponsored company, where he served
as founding partner and COO for four years. Mr. Bartley brings with him
33 years of diversified experience in the oil & gas industry, working for
companies including El Paso Corporation, Coastal Corporation and Texaco, Inc.
In the past five years, Mr. Bartley has served as a Director of Black Warrior
Methane Company, Storage King, LLC, and Erskine Energy, LLC; however, he is no
longer a Director of these companies. There is no further information required
to be disclosed pursuant to Schedule 2G of the AIM rules.
Mr. Bartley commented, "I'm excited about the new opportunity and look
forward to working with the Board and management of Coastal in the continuing
development and success of the Company."
Coastal's new Chairman Frank Inouye commented, "When we created Coastal
in late 2006, we set some very ambitious targets in terms of production and
value growth. Meeting these targets means transforming the Company in terms of
operations and management. The Company is indebted to Mr. Whitehead for his
role in this transformation and his many contributions. Mr. Bartley's arrival
as CEO continues the transformation process and ensures we have the proper
management team in place to deliver what we have promised. 2008 is a milestone
year for the Company and I look forward to working with Randy in his new role
as Chief Executive."
In connection with Mr. Bartley's employment, he was granted incentive
stock options for 1,000,000 shares of the Company's common stock pursuant to
the Company's Stock Option Plan. These options are exercisable at a price of
Cdn $3.94 per share, vest over a period of three years and expire five years
from the date of award. After this grant the Company has total options
outstanding of 6,012,500, of which 5,001,000 are to Officers and Directors of
As at February 5, 2008 the Company has 93,490,720 shares of common stock
issued and outstanding.
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: Coastal Energy Company: Frank Inouye, Chairman,
+44 (0) 1483 549 549; Randy L. Bartley, Chief Executive Officer, (713)
877-6705; William C. Phelps, Chief Financial Officer, (713) 877-6727, Email:
email@example.com; Bell Pottinger Corporate & Financial: Ann-Marie
Wilkinson, Nick Lambert, Rosanne Perry, +44 (0) 20 7861 3232; KBC Peel Hunt
Ltd (Nominated Adviser): Jonathan Marren, Matt Goode, +44 (0) 20 7418 8900