Notice the last paragraph, this may assuage your fears. It states, "Coastal Holdings has DECIDED to purchase the oil well designated as NO. 3 HINES." It is also relevant to observe they are drilling into the Salem Limestone for (8 pay zones) and not the Rosiclare Limestone. On their October 12th news release it is important to note, "This well(NO. 2 HONEY--changed to NO. 3 HINES) will be drilled into the Salem Limestone at a depth of 3350 feet and will be 3/8th of a mile southeast of a well which produced 650 barrels of oil per day (BOPD) from the Salem Limestone. But the most important note here is that it will be drilled to the Salem Limestone as the 650 BOPD well. With your 'heads up' warning, I'll proceed ever so gingerly.
Thanx
Chuck
HOUSTON, TX, Oct 21, 2005 (MARKET WIRE via COMTEX) -- Coastal Holdings, Inc. (OTC: CSJJ), is pleased to announce that it has received the signed Purchase Agreement from BDT Energy Producers Inc. (BDT) to acquire a working interest in a development oil well. As per the Purchase Agreement, Coastal Holdings will invest $475,000 in cash to fund the developmental drilling of an oil well that is wholly owned by BDT. In consideration for its investment, Coastal Holdings will receive a 75% working interest in the oil well.
After further analysis, Coastal Holdings has decided to purchase the oil well designated as NO. 3 HINES rather than NO. 2 HONEY that appeared in the original MOU and first draft of the Purchase Agreement with BDT.
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