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LYKES INCREASES STAKE IN COASTAL PETROLEUM

 TALLAHASSEE, Fla., April 22 /PRNewswire/ -- Coastal Caribbean Oils & Minerals, Ltd. (BSE: CCO-B; CCO-BN), today announced the sale of 12 shares of its subsidiary, Coastal Petroleum Company, to Lykes Minerals Corp. at $40,000 per share.
 The company said Lykes purchased six of the 12 shares under an option it held, and acquired the balance under a second option that became exercisable when another investor declined to take up his option on those shares.
 A Coastal Caribbean spokesman said the total proceeds, $480,000, will be added to the company's working capital, with at least 50 percent of the proceeds to be used to fund exploration and development activities in Florida.
 As a result of the acquisition, Coastal Caribbean now owns 81 percent of Coastal Petroleum Company, with Lykes having increased its interest to 6 percent.
 -0- 4/22/93
 /CONTACT: Arthur B. O'Donnell of Coastal Caribbean, 203-525-1202/
 (CCO)


CO: Coastal Caribbean Oils & Minerals, Ltd.; Coastal Petroleum Company;
 Lykes Minerals Corp. ST: Florida IN: OIL SU: TNM


GK-TS -- NY040 -- 9298 04/22/93 10:25 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
Words:175
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