CEPSA Finalizes Coastal Energy Takeover

Coastal Energy Company announces the successful completion of the previously announced merger with Condor Acquisition (Cayman) Limited, a newly-incorporated entity controlled by Compañía Española de Petróleos, S.A.U. (“CEPSA”) and in which Strategic Resources (Global) Limited is an investor.

Pursuant to the Merger, the Purchaser acquired all of Coastal’s issued and outstanding shares for consideration of C$19.00 per Common Share with effect from January 17, 2014.

With the completion of the Merger, the Common Shares are expected to be delisted from the Toronto Stock Exchange 2 to 4 business days following closing. In addition, the depositary interests representing Common Shares will be delisted from the AIM market operated by the London Stock Exchange plc with effect from 7:00 am on January 21, 2014. Coastal intends to apply to the relevant securities regulatory authorities to cease to be a reporting issuer in the applicable jurisdictions in Canada.

Related: CEPSA Launches $2.2 B Coastal Energy Takeover Bid

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Press Release, January 20, 2014