Under a Farmout Agreement, Coastal acquired the right to drill the twin to the Evaline 1-18 well located in Section 18, Township 30 North Range 45 East in Valley County, Montana. In addition, Coastal has been named the operator of the well until such time as the well has reached production and would receive an 11.75% working interest in the well. The Joint Operating Agreement covering the drilling operation includes Oil For America, Helis Oil & Gas Company, L.L.C., and Coastal. Participants with Coastal in the well include: Delek Resources, Inc. (DLKR.OB); Touchstone Resources Ltd. (TCH.U), Guidance Oil Developers, and 766400 BC LTD.
Under the agreement Coastal may participate in two more wells involving additional Lodgepole Reef prospects within one mile of the Evaline 1-18 producer. There are also a number of other Lodgepole Reef prospects identified in the area.
Now in its 53rd year, Coastal Caribbean Oils & Minerals, Ltd., is engaged in the exploration for and development of oil and gas reserves through its wholly owned subsidiary, Coastal Petroleum. Coastal Petroleum's principal assets are its cash and its non-producing oil and gas leases within the Williston Basin, covering approximately 9,000 net acres in North Dakota and approximately 137,000 net acres in Montana.
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