Albert Whitehead, who has been Chairman of Coastal since its formation in November, 2006, has retired and Frank Inouye, Coastal's current President and CEO has been appointed as the new Chairman of the Company.
Randy Lynn Bartley, age 54, has been appointed as President, Chief Executive Officer and a Director of the Company. Bartley comes to Coastal from Erskine Energy, LLC, a private equity sponsored company, where he served as founding partner and COO for four years. He brings with him 33 years of diversified experience in the oil & gas industry, working for companies including El Paso Corporation, Coastal Corporation and Texaco, Inc.
In the past five years, Bartley has served as a Director of Black Warrior Methane Company, Storage King, LLC, and Erskine Energy, LLC; however, he is no longer a Director of these companies.
Coastal's new Chairman Frank Inouye commented, "When we created Coastal in late 2006, we set some very ambitious targets in terms of production and value growth. Meeting these targets means transforming the Company in terms of operations and management. The Company is indebted to Mr. Whitehead for his role in this transformation and his many contributions. Mr. Bartley's arrival as CEO continues the transformation process and ensures we have the proper management team in place to deliver what we have promised. 2008 is a milestone year for the Company and I look forward to working with Randy in his new role as Chief Executive."
In connection with Mr. Bartley's employment, he was granted incentive stock options for 1,000,000 shares of the Company's common stock pursuant to the Company's Stock Option Plan. These options are exercisable at a price of Cdn $3.94 per share, vest over a period of three years and expire five years from the date of award. After this grant the Company has total options outstanding of 6,012,500, of which 5,001,000 are to Officers and Directors of the Company.
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