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FLORIDA STATE COURT RULES AGAINST COASTAL PETROLEUM COMPANY

 TALLAHASSEE, Fla., Sept. 14 /PRNewswire/ -- Coastal Petroleum Company said Florida's Leon County Circuit Court has entered summary judgment against Coastal in an inverse condemnation suit against the State involving royalty-interest acreage.
 The decision is not applicable to the company's 800,000 acre offshore working-interest area, Coastal said.
 The lawsuit, filed over three years ago, sought compensation from the State for its confiscation of the company's petroleum and mineral royalty interests in approximately 2.25 million acres of tidal lands along Florida's Gulf Coast.
 A Coastal spokesman said the company contended the State's 1990 ban on leasing made Coastal's royalty interest valueless, and was tantamount to confiscation.
 The court, however, held that Coastal's "passive royalty interest" does not oblige the State to grant leases; and, since there was no reasonable expectation the State would grant leases, there was no taking by the State.
 The spokesman said the company intends to appeal the decision, and also will pursue its right to explore for and produce oil and gas from its offshore working-interest acreage, including an inverse condemnation claim if necessary.
 Coastal Petroleum Company is an 81 percent owned subsidiary of Coastal Caribbean Oils & Minerals, Ltd. (Boston Stock Exchange: CCO-B; CCO-BN).
 -0- 9/14/93
 /CONTACT: Arthur B. O'Donnell of Coastal Petroleum Company, 203-525-1202/


CO: Coastal Petroleum Company ST: Florida IN: OIL SU:

WB -- NY003 -- 1589 09/14/93 08:00 EDT
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Publication:PR Newswire
Date:Sep 14, 1993
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