CEN Claren Energy Corp

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH
UNITED STATES NEWSWIRE SERVICES


Coastal Energy Company ("the Company" or "Coastal Energy") (TSX
VENTURE:CEN)(AIM:CEO), an independent exploration and production company with
assets in Southeast Asia, announces that it has closed a US $5MM senior secured
loan with a private partnership ("the Debt"). The Debt has a six-month term and
will bear interest at 16% per annum. The Debt is secured by the Company's Ocean
66 jackup platform, which is currently located in Galveston, Texas. The Debt was
issued separately from the Company's US $10MM senior unsecured note offering
which was announced 22 December, 2008 and is expected to close in late January
2009.


Additionally, the Company announces that it met its required obligation under
its reserve-based revolving credit facility with cash on hand prior to the
closing of this equipment financing transaction.


Notes to Editors

- Coastal Energy is an oil and gas exploration, development and production
company, with core assets onshore and offshore Thailand.


- The Company specialises in identifying and developing under-exploited or
"orphaned" assets. Management has proven experience at identifying and unlocking
value from overlooked, abandoned, low risk assets with proven hydrocarbon
potential.


- This strategy has enabled the Company to assemble an asset base in Thailand
that includes production of approximately 11.5 mmcf/d of gas under long term
contract and offshore oil fields currently under development.


- Production growth over the next 12 -18 months is expected to grow
exponentially and proven, probable and possible reserves are 45.5 million
barrels oil equivalent(i).


- The Company's current assets include:

-- Offshore Thailand

--- 100% of block G5/43 - two oil fields currently under development with
several other similar appraisal and exploration opportunities. The Company
expects to exit Q1 2009 with average production of 9,000 bopd from Songkhla.


--- 100% of block G5/50 - within the boundaries of block G5/43 in the Ko Kra basin.

-- Onshore Thailand

--- 12.6% net interest in blocks EU1 and E5N which include the Phu Horm gas
field, which was had average daily production of 94 mmcf/d for the quarter ended
September 30, 2008.


--- 36.1% net interest in block L15/43 surrounding the Phu Horm field.

--- 36.1% net interest in block L27/43 - containing the undeveloped Dong Mun gas
field.


---21.7% net interest in block L13/48 located adjacent to blocks L15/43 and
L27/43, contains Si That discovery.


Additional information, including the Company's complete competent person's may
be found on the Company's website, www.CoastalEnergy.com or may be found in
documents filed on SEDAR, 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.


(i) Per barrel of oil equivalent ("boe") amounts have been calculated using a
conversion rate of six thousand cubic feet of natural gas to one barrel of oil
equivalent (6:1). The term boe may be misleading, particularly if used in
isolation. A boe conversion ratio of 6mcf to 1bbl of oil is based upon an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.


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.

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