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Gold/Mining/Energy : coastal caribbean (cco@) -- Ignore unavailable to you. Want to Upgrade?

To: Bobby1418 who wrote (745)	4/2/1999 10:36:00 PM
From: Edwin S. Fujinaka	Respond to of 4686

Bobby,...I thought someone had already posted this, but I guess not. The stock price seems to not worry about such trivia. Anyway, the Company will appeal as usual. The 12 permits are a separate issue from the St George Permit, which is already under appeal. I guess we can expect an appeals court ruling on St George within the next couple of months. FLORIDA JUDGE SAYS 12 PERMITS INCOMPLETE; SHOULD BE DENIED -------------------------------------------------------------------------------- APALACHICOLA, FL, March 29, 1999 – Coastal Petroleum Company said an administrative law judge has recommended denial of 12 offshore drilling permits to the Company on the grounds that the applications were incomplete. Coastal, which has an 800,000-acre offshore leasehold along Florida's Gulf Coast, said it applied for the permits over two years ago, pointing out that it provided the information expressly required by Department of Environmental Protection (DEP) rules but refused to accede to DEP's demands for extensive additional information and studies. When DEP refused to issue the permits, Coastal demanded a hearing before an administrative law judge, claiming that DEP's additional demands were an unadopted rule. The judge agreed, but also held that DEP had sustained the necessary heavy burden of proof required to impose the additional requirements. The judge's recommendation has been forwarded to DEP for consideration and final action, Coastal said, adding that, if DEP adopts the recommendation, the action will be appealable to Florida's First District Court of Appeal in Tallahassee. Coastal said the judge's ruling is not applicable to, and has no effect on, its St. George's Island permit proceeding, which is scheduled for oral argument on May 12. Coastal Petroleum Company is a majority-held subsidiary of Coastal Caribbean Oils & Minerals, Ltd. (Boston: CCO-B; CCO-BN). Contact: Phillip W. Ware, at (850) 653-2732 --------------------------------------------------------------------------------