HOUSTON, Oct. 3, 2012 (GLOBE NEWSWIRE) -- Coastal Energy Company (the "Company" or "Coastal") (TSX:CEN) (AIM:CEO) announces the signing of a contract with a subsidiary of Atwood Oceanics, Inc. for the Manta jackup drilling rig for its operations in the Gulf of Thailand and offshore Malaysia. In accordance with the contract, Coastal will pay a $145,000 day rate throughout the 12 month firm duration. The Company anticipates delivery of the Manta by late November.
Randy Bartley, President & Chief Executive Officer, commented:
"We are pleased to announce the signing of this contract with Atwood and are eager to commence drilling with the Manta later this year. The addition of a second drilling rig is an important milestone for Coastal, as it will allow us to conduct our development and exploration programs simultaneously. Given the active drilling program that we have outlined, we believe a two rig program is an appropriate step toward unlocking the value of our highly prospective asset base."
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.
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.
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 Coastal Energy Company logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10062