Coastal Energy Announces Exercise of Over-Allotment Option


    AIM: CEO
    TSX-V: CEN

    HOUSTON, June 17 /CNW/ - Coastal Energy Company (the "Company") (TSX-V:
CEN, AIM: CEO), an independent exploration and production company with assets
in southeast Asia, announces that Thomas Weisel Partners Canada Inc. and
Paradigm Capital Inc. acting as co-lead underwriters of a syndicate that
included Canaccord Capital Corporation, Macquarie Capital Markets Canada Ltd.,
CIBC World Markets Inc., and Tristone Capital Inc. (collectively the
"Underwriters"), have fully exercised the over-allotment option granted in
connection with the Company's equity offering, which closed May 28, 2009. The
Underwriters purchased all 750,000 common shares available under the terms of
the over-allotment option (the "Over-allotment Shares") at a price of C$3.20
per share, raising gross proceeds of C$2,400,000.
    The Company expects to use the majority of the proceeds for general
corporate purposes and debt reduction.
    After issuing the Over-allotment Shares, the Company will have 99,380,720
common shares issued and outstanding. The Over-allotment Shares will commence
trading on TSX-V immediately and admission of the Over-allotment Shares to
trading on AIM will occur at 8 a.m. on June 18, 2009.
    Information concerning the offering, including the details of the
over-allotment option and the use of proceeds, is contained in the Company's
short form prospectus dated May 21, 2009, 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: Enquiries: Coastal Energy Company, Randy L.
Bartley, Chief Executive Officer, (713) 877-6705; William C. Phelps, Chief
Financial Officer, (713) 877-6727, Email:; Strand
Partners Limited (Nominated Adviser), Rory Murphy, +44 (0) 20 7409 3494;
Thomas Weisel Partners (Broker), Paul Colucci, +44 (0) 20 7877 4300; Tristone
Capital (Broker), Majid Shafiq, +44 (0) 20 7355 5800; Bell Pottinger Corporate
& Financial, Nick Lambert/Rosanne Perry, +44 (0) 20 7861 3232

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