Coastal Energy Announces Closing of Senior Secured Revolving Credit Facility
September 27 2010 - 4:30PM
Marketwired
Coastal Energy Company (the "Company" or "Coastal") (TSX-V: CEN)
(AIM: CEO), an independent exploration and production company with
assets in Thailand, announces the closing of a new borrowing base
credit facility with BNP Paribas and Commonwealth Bank of
Australia.
The $80MM facility, led by BNP Paribas, is secured by the
Company's 12.6% interest in the Sinphuhorm gas field onshore
Thailand and the Songkhla field in the Gulf of Thailand. The
proceeds of the initial drawdown were used to repay amounts
outstanding under the Company's previous debt agreements.
Subsequent drawings will be used to fund development of the
Company's offshore assets.
Randy Bartley, Chief Executive Officer of Coastal Energy,
commented:
"We are pleased to announce the closing of this new credit
facility. It will give us the financial flexibility to continue
developing our Gulf of Thailand assets while evaluating other
opportunities to redeploy capital."
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 TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
This news release is not for dissemination in the United States
or through United States newswire services.
Enquiries: Coastal Energy Company Randy L. Bartley Chief
Executive Officer +1 713 877 6705 William C. Phelps Chief Financial
Officer +1 713 877 6727 Email: Email Contact Strand Hanson
Limited (Nominated Adviser) +44 (0) 20 7409 3494 Rory Murphy
Paul Cocker Stifel Nicolas Weisel (Broker) +44 (0) 20 3205
3615 Paul Colucci Macquarie Capital (Europe) Limited
(Broker) +44 (0) 20 3037 2000 Ben Colegrave Paul Connolly
Buchanan Communications Tim Thompson +44 (0) 20 7466 5000
Katharine Sutton Ben Romney
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