HOUSTON, Jan. 17, 2014 (GLOBE NEWSWIRE) -- Coastal Energy Company ("Coastal")
(TSX:CEN) (AIM:CEO) announces the successful completion of the previously
announced merger (the "Merger") with Condor Acquisition (Cayman) Limited (the
"Purchaser"), a newly-incorporated entity controlled by CompañÃa Española de
Petróleos, S.A.U. ("CEPSA") and in which Strategic Resources (Global) Limited
("SRG") is an investor. Pursuant to the Merger, the Purchaser acquired all of
Coastal's issued and outstanding shares (the "Common Shares") for consideration
of C$19.00 per Common Share with effect from January 17, 2014.
With the completion of the Merger, the Common Shares are expected to be delisted
from the Toronto Stock Exchange ("TSX") 2 to 4 business days following closing.
In addition, the depositary interests representing Common Shares will be
delisted from the AIM market operated by the London Stock Exchange plc ("AIM")
with effect from 7:00 am (UK time) on January 21, 2014. Coastal intends to apply
to the relevant securities regulatory authorities to cease to be a reporting
issuer in the applicable jurisdictions in Canada.
Advisors and Legal Counsel
Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC acted as
financial advisors to Coastal. Stikeman Elliott LLP, Cleary Gottlieb Steen &
Hamilton LLP and Walkers acted as legal advisors to Coastal. Goldman Sachs
International acted as financial advisor to CEPSA. PriceWaterhouseCoopers acted
as a financial advisor to CEPSA and SRG. Freshfields Bruckhaus Deringer acted as
legal advisor to CEPSA. Blake, Cassels & Graydon LLP, Baker & McKenzie
International and Conyers Dill & Pearman acted as legal advisors to CEPSA and
SRG.
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws and which are based
on the expectations, estimates and projections of management of the parties as
of the date of this news release unless otherwise stated. More particularly and
without limitation, this news release contains forward-looking statements and
information concerning the anticipated timing of the delisting of Common Shares
from the TSX, the delisting of depositary interests representing Common Shares
from AIM and the application by Coastal to the relevant securities regulatory
authorities to cease to be a reporting issuer in the applicable jurisdictions in
Canada.
Forward-looking statements are defined by applicable securities legislation and
are qualified by the inherent risks and uncertainties surrounding future
expectations generally and also may materially differ from actual future
experience involving any one or more of such statements. Such risks and
uncertainties include the anticipated timing of the delisting of the Common
Shares and the depositary interests representing Common Shares from the TSX and
AIM, respectively.
Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on other factors that could affect the operations or
financial results of Coastal is included in reports on file with the applicable
securities authorities. The forward-looking statements and information contained
in this news release are made as of the date hereof and Coastal undertakes no
obligation to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
About Coastal
Coastal is an international exploration and production company with principal
assets in Thailand and Malaysia. Coastal owns and operates 100% of Blocks G5/43
and G5/50 in the Gulf of Thailand as well as varying interests onshore northeast
Thailand including a 13.7% interest in the Phu Horm gas field. Coastal is also
party to a Small Field Risk Service Contract with PETRONAS for the development
and production of petroleum from the Kapal, Banang and Meranti cluster of small
fields offshore Peninsular Malaysia.
About CEPSA
CEPSA is an integrated energy company operating at every stage of the oil value
chain, with more than 10,000 employees. It is engaged in petroleum and natural
gas exploration and production activities; refining, the transport and sale of
crude oil derivatives; petrochemicals, gas, and electricity. CEPSA is Spain's
fourth largest industrial group in terms of turnover and has been in the market
for more than 80 years. Through progressive internationalization of its
activities, CEPSA also has business interests in Algeria, Brazil, Canada,
Colombia, Panama, Peru and Portugal and sells its products all over the world.
CEPSA is wholly owned by the Abu Dhabi sovereign wealth fund International
Petroleum Investment Company.
About SRG
SRG is a private investment holding company controlled by international value
investor Larry Low H P.
CONTACT: Coastal Energy Company
        Email: investor@CoastalEnergy.com
        +1 (713) 877-6793
        NOMAD
        Strand Hanson Limited (Nominated Adviser)
        Rory Murphy / Andrew Emmott
        +44 (0) 20 7409 3494
        CEPSA
        Ignacio Rodriguez-Solano
        Ignacio.Rodriguez-Solano@cepsa.com
        +34 91 3376766
        SRG
        Edelman on behalf of SRG
        Lex.Suvanto@edelman.com /
Trevor.Gibbons@edelman.com
        +1 212 729 2463
This announcement is distributed by GlobeNewswire on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Coastal Energy Company via GlobeNewswire
[HUG#1755563]