Coastal Energy Company, an independent exploration and production company with assets in Thailand, announces the financial results for the three and six months ended June 30, 2011. The functional and reporting currency of the Company is the United States dollar.
Second Quarter 2011 Highlights:
Randy Bartley, President and CEO of Coastal Energy , commented:
“I’m pleased to report that Coastal’s success continued in the second quarter of 2011. Eleven of the twelve exploration wells drilled to date have been successful in discovering commercial quantities of oil. As we have begun tying in production from these discoveries, we have seen material increases in production which will result in increased cash flow in the coming quarters.
“In addition to the exploration success, Coastal has enjoyed further financial success in 2011. We have delivered EBITDAX that is 25% greater than in the first six months of 2010. We expect to post significant production and EBITDAX increases in the coming quarters driven by our recent discoveries.
“We plan to continue building on this success in the coming quarters as we bring more production online and further appraise these Miocene discoveries. The success of the Miocene is encouraging and opens up several new prospect areas for Coastal’s drilling program in the second half of 2011.”
[mappress] Source: Coastal Energy, August 17, 2011;