COASTAL CARIBBEAN OILS & MINERALS REPORTS FINANCIAL STATUS; REGISTRATION STATEMENT WITHDRAWN
COASTAL CARIBBEAN OILS & MINERALS REPORTS FINANCIAL STATUS;
REGISTRATION STATEMENT WITHDRAWN
TALLAHASSEE, Fla., March 24 /PRNewswire/ -- Coastal Caribbean Oils & Minerals, Ltd. (Boston: CCO-B; CCO-BN) said it incurred a net loss of $819,000 (2 cents a share) in the year ended Dec. 31, 1991, as compared to a loss of $912,000 (3 cents a share) in the prior year.
Coastal Caribbean, which has no source of operating revenue, said it has sold six shares of its subsidiary, Coastal Petroleum Company, to a private investor for $300,000, thereby reducing its interest in the unit from 90 to 88 percent.
The investor also has the option to acquire up to 24 additional shares at $50,000 per share through Jan. 15, 1994, the company said, noting that the investor's entitlement will be reduced in six-share increments every six months, beginning July 15, if the purchase option is not exercised.
The company further noted that, in view of this private sale, it is withdrawing its registration statement for a proposed offering of common stock and royalty interests.
According to a Coastal Caribbean spokesman, the company's agreement with the investor stipulates that at least one-half of the proceeds (from the sale of stock) must be used to fund Coastal Petroleum Company's exploration activities in Florida. In that connection, he said, Coastal Petroleum is seeking state approval to conduct a geophysical exploration program and, subsequently, to drill offshore exploration wells on its 800,000-acre leasehold along the Gulf Coast.
/CONTACT: Phillip W. Ware, 904-575-3337, for Coastal Caribbean Oils & Minerals/
(CCO) CO: Coastal Caribbean Oils & Minerals, Ltd. ST: Florida IN: OIL SU: ERN PS -- NY001 -- 0893 03/24/92 08:01 EST