Coastal Energy Completes Merger With Cepsa's Unit



Coastal Energy Company (Coastal) disclosed Friday the successful completion of the previously announced merger (the Merger) with Condor Acquisition (Cayman) Limited (the Purchaser), a newly-incorporated entity controlled by Compania Espanola de Petroleos, 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 $18.21 (CAD 19.00) per Common Share with effect from Jan. 17.

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) Jan. 21. 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.



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