Coastal Energy Company reported consolidated earnings and production results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues and other income of $203,036,000 against $158,665,000 for the same period last year. Net income before income taxes was $128,300,000 against $96,804,000 for the same period last year. Net income and comprehensive income attributable to shareholders of the company was $52,079,000 or $0.45 per diluted share against $48,135,000 or $0.40 per diluted share for the same period last year. Cash flow provided by operating activities was $53,805,000 against $80,877,000 for the same period last year. Expenditure on property, plant and equipment was $95,972,000 against $45,229,000 for the same period last year. EBITDAX for was $152.5 million, 19% higher than the $128.4 million recorded in first quarter of 2012. Revenue and EBITDAX were driven higher by increased lifting volumes. Net income before income and share of earnings from Apico LLC was $123,082,000 compared to $92,797,000 a year ago. The company reported total production of 23,163 boe/d, up from year ago levels of 22,773 boe per day. Offshore production totalled 20,460 bbl per day, a slight decrease from year ago levels of 21,031 bbl per day. Offshore production was impacted by several factors, including longer than expected completion times for the hydraulic fracturing program at Bua Ban South, delayed production from two horizontal wells at Bua Ban North due to the initial installation of "swelling packers" designed to reduce water production and the Songkhla A-10 well being down for a majority of the quarter awaiting pump replacement. Onshore production was 2,703 boe per day, up from 1,742 boe per day in the same period last year due to stronger gas demand in Thailand.

Coastal Energy Company announced the appointment of Forrest Wylie as a Non-Executive Director of the company, with effect from April 30, 2013. Wylie served previously on the board of the Company as a Non-Executive Director from September 2006 to April 2011, when he stepped down due to time constraints as Chairman and Chief Executive Officer at Buckeye Partners, L.P.

Coastal Energy Company Presents at CIBC 2013 Energy Conference, Apr-17-2013 09:00 AM. Venue: Toronto, Ontario, Canada. Speakers: Jerry A. Moon, Vice President of Technical and Business Development.