Costa exchanges non-voting shares

    CALGARY, Oct. 23 /CNW/ - COSTA Energy Inc. ("COSTA" or the "Company")
(TSX Venture Exchange: COE) is pleased to announce that it has finalized the
exchange of 2,350,151 Series C special shares (the "Non-voting Shares"), being
all the issued and outstanding Non-voting Shares, for common shares of COSTA
Energy Inc. on the basis of one Non-voting Share for one common share as
approved at the annual and special meeting of shareholders held June 11, 2007.
    With this exchange, COSTA now has issued and outstanding 43,260,735
common shares, 29,301,609 warrants and 1,489,722 options to acquire an
equivalent number of common shares. MHI Energy Partners and/or their
associates and affiliates now hold 9,577,025 common shares, 6,139,582 warrants
and 233,970 options; approximately 22% on a fully diluted basis. In total,
management and directors, MHI Energy Partners and/or their associates and
affiliates now hold 13,692,745 common shares, 9,876,960 warrants and 1,307,222
options; approximately 34% on a fully diluted basis.

    COSTA is a Calgary based junior oil and gas company, which explores for,
develops, produces, and sells crude oil, natural gas liquids and natural gas
in Alberta and Saskatchewan.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

For further information: Mr. Terry D. Brooker, President and CEO, COSTA
Energy Inc., (403) 206-3430, Email:

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