Costa to pursue strategic alternatives

    CALGARY, March 19 /CNW/ - COSTA Energy Inc. ("COSTA" or the "Company")
(TSX Venture Exchange: COE) announces that its Board of Directors has retained
the financial advisory firm Sayer Energy Advisors to assist in the process of
identifying and exploring various strategic alternatives to maximize
shareholder value. These alternatives may include the sale of COSTA Resources
Ltd., the wholly-owned subsidiary of the Company, the sale of all of the
assets of the Company, or such other transaction as the Board of Directors may
identify as being in the best interests of the shareholders of the Company.
Any such transaction may be subject to shareholder and regulatory approvals.
    There is no assurance that the Company will enter into or consummate a
transaction as a result of this decision, and the Company will not make future
comments on this process unless there are material developments for the
Company. The Company does not expect any disruption in its daily operating and
business development activities as a result of this decision.

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

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

For further information:

For further information: Mr. David F. Campbell, Vice President and CFO,
COSTA Energy Inc., (403) 206-3431, Email:

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