HOUSTON, Oct. 13, 2011 (GLOBE NEWSWIRE) -- Coastal Energy Company (the "Company" or "Coastal") (TSX:CEN) (AIM:CEO) announces the successful results of the Bua Ban North A-08 appraisal well.
The Bua Ban North A-08 well was drilled to a depth of 3,860 feet TVD on the western flank of the Bua Ban North A field 0.5 miles north of the A-06 well. The A-08 encountered 61 feet of net pay in the Lower Miocene sand with 27% average porosity. Pressure data indicate that this northern extension of Bua Ban North A shares a common oil water contact with the western flank of the Bua Ban North B field. The combined area is estimated to have an areal extent of 1,700 acres, in line with previous estimates.
Randy Bartley, President & Chief Executive Officer, commented:
"We are extremely pleased with the results of the A-08 well, which further supports the conclusion that Bua Ban North A & B are likely in communication in the western fault closure of the structure. We now plan to drill an additional delineation well halfway between the A & B fields on the western side of the structure to further confirm this. This well will spud by this weekend.
"Current offshore production remains at approximately 15,500 bopd with total company production at 17,500 boepd."
Randy Bartley, President and Chief Executive Officer of the Company and a member of the Society of Petroleum Engineering and Jerry Moon, Vice President, Technical & Business Development, a member of the American Association of Petroleum Geologists, a Licensed Professional Geoscientist and a Certified Petroleum Geologist in the state of Texas, have reviewed the contents of this announcement.
Additional information, including the Company's complete competent person's report may be found on the Company's website at www.CoastalEnergy.comor may be found in documents filed on SEDAR at www.sedar.com.
The Coastal Energy Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10062
This statement contains 'forward-looking statements' as defined by the applicable securities legislation. Statements relating to current and future drilling results, existence and recoverability of potential hydrocarbon reserves, production amounts or revenues, forward capital expenditures, operation costs, oil and gas price forecasts and similar matters are based on current data and information and should be viewed as forward-looking statements. Such statements are not guarantees of future results and are subject to risks and uncertainties beyond Coastal Energy's control. Actual results may differ substantially from the forward-looking statements.