HOUSTON, Nov. 29, 2011 (GLOBE NEWSWIRE) -- Coastal Energy Company (the "Company" or "Coastal Energy") (TSX:CEN) (AIM:CEO), an independent exploration and production company with assets in Thailand, announces the successful results of the Bua Ban North A-11 well.
The Bua Ban North A-11 was drilled as a delineation well for the Lower Miocene (M100) reservoir and as an appraisal well for the deeper Miocene reservoir (M500). Both reservoirs were encountered at the prognosed depths and contained better quality sands than encountered in the nearby A-01 well. The M100 reservoir contained 47 feet of net pay with 29% porosity compared to 32 feet with 25% porosity in the A-01 well and the M500 reservoir contained 9 feet of net pay with 26% porosity compared to 5.5 feet with 25% porosity in the A-01 well.
Randy Bartley, President and CEO of Coastal Energy, commented:
"The M100 Lower Miocene reservoir has yielded consistently better than expected reservoir quality sands in the southwestern part of the Bua Ban North field. This will be another excellent producing well for us. Following the results of the A-11 well, we will begin planning future wells in this area to target the deeper M500 sands similar to what has been successful for us in the northern part of the field."
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 Certified Petroleum Geologist and a Licensed Professional Geoscientist in the state of Texas, have reviewed the contents of this announcement.
The Coastal Energy Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10062
Additional information, including the Company's complete competent person's report may be found on the Company's website at www.CoastalEnergy.com or may be found in documents filed on SEDAR at www.sedar.com.
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.