Coastal Energy Announces Closing of Equity Financing


    AIM: CEO
    TSX-V: CEN

    HOUSTON, Jan. 8 /CNW/ - Coastal Energy Company (the "Company")
(TSX-V: CEN, AIM: CEO), an independent exploration and production company with
assets in South-East Asia, is pleased to announce, it has today completed its
public offering of 16,445,000 common shares (the "Offering Shares") of the
Company at a price of C$3.50 per common share, raising gross proceeds of
C$57,557,500 (the "Offering"). Macquarie Capital Markets Canada Ltd.
("Macquarie") acted as lead underwriter of a syndicate of underwriters (the
"Underwriters") which included Macquarie and Westwind Partners Inc. in respect
of the offering. After closing of the Offering, the Company has 93,428,222
common shares issued and outstanding. The closing of the Offering included the
closing of the over-allotment option of 2,145,000 common shares (the
"Over-Allotment Shares") that was exercised by the Underwriters.
    The Offering Shares will commence trading on TSX-V immediately, and
admission of the Offering Shares to trading on AIM has been obtained, with the
exception of the Over-Allotment Shares, which will commence trading on the AIM
at 8:00 am UK time on 9 January 2008.
    The Company expects to use the majority of the funds to accelerate
development, appraisal and exploration work in the G5/43 block in the Gulf of
Thailand. Coastal owns 100% of the block and has commenced development work on
two previously discovered oil fields.
    Information concerning the Offering and the use of proceeds is contained
in the Company's short form prospectus dated 28 December 2007, which is
available under the Company's profile at or on the Company's
website at

    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, Chief
Executive Officer, +44 (0) 1483 549 549; William C. Phelps, Chief Financial
Officer, (713) 877-6727, Email:; 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

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