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© Coastal Energy Company 2009 | All Rights Reserved Corporate Presentation November 2009

Corporate PresentationNovember 2009

2Copyright Coastal Energy Company 2009 | All Rights ReservedCorporate Presentation November 2009

Forward Looking Statements

This presentation contains ‘forward-looking statements’ as defined by the applicable securitieslegislation. Statements relating to current and future drilling results, existence and recoverability ofpotential hydrocarbon reserves, production amounts or revenues, forward capital expenditures,operation costs, oil and gas price forecasts and similar matters are based on current data andinformation and should be viewed as forward-looking statements. Such statements are NOTguarantees of future results and are subject to risks and uncertainties beyond Coastal Energy’scontrol. Actual results may differ substantially from the forward-looking statements. Thispresentation does not contain all of the information contained in the preliminary prospectus ofCoastal Energy Company, which should reviewed for complete information.


Company Overview

International Oil and Gas Company with assets in Thailand

Balanced portfolio of production, development and exploration assets:

– Offshore Thailand: Oil production with appraisal and exploration upside

– Onshore Thailand: Gas production with appraisal and exploration upside

Established Reserve and Production Base:

Note: Reserve numbers from Competent Person’s Report dated 12/31/2008 prepared by Huddleston & Co.

3P

75.7 mmboe

2P

62.1 mmboe

Contingent & Prospective

773 mmboe

Total Production: 10,000 boepd Reserves

1P

26.6 mmboeSongkhla Oil

(8,000 bopd)

Phu Horm Gas(Net 2,000 boepd)


Investment Highlights

Established Production

Base

Active Drilling &

Development Program

Potential High impact

Assets

Cost Efficient Operations

Currently producing from both Onshore and Offshore ThailandTotal production is approximately 10,000 boepd

– Offshore Oil: 8,000 bopd– Onshore Gas: 2,000

boepd

300% increase in Songkhla 2P Reserves from 4Q08 drilling program

– 4.9 mmbbl to 19.7 mmbblBua Ban 2P Reserves of 21.8 mmbblProspective Reserves of 346 mmbbl

2 development wells and 1 water injection well completed since SeptemberBoth development wells encountered pay zones in the Lower Oligocene reservoir2 exploration, 2 potential appraisal and 1 water injection well are planned for the remainder of 2009

Cost effective shallow-water development

– Songkhla & Bua Ban between 50 - 80 ft water depth

Ability to leverage existing offshore infrastructure in future development

– Use of FSO / processing platforms across multiple fields to minimize costs


Songkhla Field: 2 development wells recently completed - both encountered pay zones; 1 water injection well completed, 1 more planned

Songkhla B: 2 high-impact exploration wells planned (spud in Nov 2009)

– MOPU available for installation (mid-Jan 2010), if wells successful

Bua Ban Field: Drilling expected to commence early 2010

Untested exploration potential in Songkhla Basin and three other under-explored Tertiary Basins

– 4,000 sq. km 2-D seismic shoot on northern acreage is complete

Asset Overview

Offshore Thailand Onshore Thailand

EU1 / E5N contains the Phuhorm Gas Field

– Currently producing 2,080 boepd

– Gas sold to Nam Phong power plant under a 15-year Gas Sales Agreement

Block L27/43 contains the undeveloped Dong Mun gas field

– Phu Kheng-1 well reached TD in Aug 2009 and is currently under evaluation; results expected late 2009

Block L13/48 contains Si That discovery

– Si That B well spudded in Sep 2009; results expected late 2009

Block G5/43(100%)

Block G5/50(100%)

E5N & EU1

(12.6%)

Block L27/43(36.1%)

Block L15/43(36.1%)

Block L13/48(21.7%)

41.5 mmbl of 2P Reserves8,000 bopd avg. production

20.7 mmboe of 2P Reserves2,000 boepd avg. production

Note: Reserve numbers from Competent Person’s Report dated 12/31/2008 prepared by Huddleston & Co.


Offshore Thailand


Offshore Development Plan

Drill 2 Development & 2 Injection wells

2 0 0 9Sep Oct Nov Dec

2 0 1 0Jan Feb Mar Apr May Jun

Workover Songkhla A-01, A-03 and A-07

Drill up to 4 Exploration Wells

Install MOPU

Drill 6 Development & 2 Injection wells

Install WHP and CPP

Song

khla

Mai

nSo

ngkh

la B

Bua

Ban

B L

O C

K

G 5

/ 4

3


Block G5/43: Fields and Prospects

Songkhla – Songkhla B – low-risk exploration

prospect larger in size and similar in structure to Songkhla Main; good Lower Oligocene, Miocene and Eocene targets

Bua Ban– 5 prospects surrounding Bua Ban

(including Benjarong Lower Oligocene) evaluated by Huddleston & Co.

– Prospective resources of 312 mmbbl

Benjarong– Contingent resources of 17.5 mmbbl

Existing 3-D coverage over discovered fields and several undrilled mapped prospects

Songkhla South

Bua Ban Field

Benjarong East 1

Benjarong East 2

Songkhla Main

Eocene

Songkhla B Miocene

Bua Ban North A

Songkhla North

Benjarong-1

Songkhla S-1

Songkhla Southwest

Benjarong Eocene

Benjarong Lower

Oligocene

Bua Ban North D

Bua Ban North C

Bua Ban Northwest A

Bua Ban Northwest

B

Bua Ban North B

Songkhla West

Oligocene Unit 4

Songkhla West Oligocene Unit 2

Songkhla A Miocene

Songkhla BEocene

Songkhla BOligocene

Legend

Reserves

Prospective Resources

Contingent Resources

Additional Coastal Prospects

Production

Songkhla Main

Oligocene


Block G5/43: Songkhla B Prospect

An exploration well on the Songkhla B Prospect is

planned following the development work at Songkhla

Main

Water depth of 75 feet; drill depth of 8,500 feet

Multiple objectives in the Oligocene, Miocene and

Eocene

Unrisked STOOIP of 106 mmbbl (73 mmbbl in the

Eastern Area and 33 mmbbl in the Western Area)

Songkhla Field

Songkhla B Prospect

Eastern Area

Western Area

Structure Map Top Oligocene Reservoir


Block G5/43: Songkhla A Lower Oligocene

Two development wells have been completed in

October, Songkhla A-02 and A-04

Both wells encountered oil in the Lower Oligocene

primary reservoir

1 water injection well has been drilled; 1 more is

planned

Plan to install larger pumps and check liner tops on

A-01 and A-03 wells with a workover rig in November

Strong water drive should increase ultimate recovery

factors

-8300

-850

-840

0

-8300

-83

-8000

-800

0

-8000

-800

0

-8200

-8200

-820

0

-820

-7700

-7700

-7700

-770

-8100

-810

0

-8100

-8100

-7600

-760

0

-760

0

-76

-7900

-7900

-790

0

-7

-7800

-7800

-780

0

-7500

-7500

-750

0

-7400

-7400

-7400

-7300

-720

0

00 688400 688800 689200 689600 690000 690400

00 688400 688800 689200 689600 690000 690400

SA-01

S-1 SA-03

Structure Map Top Oligocene Reservoir


Block G5/43: Songkhla A EoceneTop Eocene Structure Map

Production from A-07 Eocene exploration well

was tied in mid-April 2009

– A-07 well has been shut-in due to mechanical

pump issues since early June 2009; a workover is

planned in November

– Plan to install larger pump and add Lower

Oligocene perforations

Additional Eastern Eocene Fault Block

– Songkhla Eocene Fault Block B is included in 3P

reserves of 7.6 mmbbl

SA-07

Songkhla Eocene Field

Additional Fault Block


Songkhla Field Songkhla B ProspectN

Lower Oligocene

EoceneSA 01 SA 03 SA 02 SA 04 SB 01 SB 04

Block G5/43: Songkhla Basin Cross Section


Block G5/43: Bua Ban Field

Development drilling to commence early 2010

Proved & Probable recoverable reserve estimate

is 21.8 mmbbl

Original discovery well tested 768 bopd from

Lower Oligocene sandstones

3 well appraisal programme completed in August

2005 encountered Lower Oligocene reservoir

with estimated net pay ranging from 66 – 77 ft

3-D Seismic acquired in Q4 2006

Top Lower Oligocene Depth Structure Map

Bua Ban-1

Bua Ban-2A

A’

ABua Ban

1

Bua Ban 3

Bua Ban 2

Bua Ban 2a


Reserves and Other Information


Offshore Reserves & ResourcesReserves (mmbbl) 1P 2P 3PSongkhla Lower Oligocene 9.8 15.7 19.7Songkhla Eocene 1.1 3.9 7.6Bua Ban Main 7.2 21.8 27.8

Total 18.1 41.4 55.1

Prospective Resources*Songkhla North 4.1Songkhla West Oligocene Unit 2 8.8Songkhla West Oligocene Unit 4 8.3Songkhla South-West 2.6Songkhla B Oligocene 5.6Songkhla B Eocene 2.5Songkhla South 2.7

Songkhla Total 34.6

Bua Ban North A 89.0Bua Ban North B 11.1Bua Ban North C 44.1Bua Ban North D 23.1Benjarong Lower Oligocene 144.4

Bua Ban Total 311.7G5/43 Total Prospective Resources 346.3

Contingent Resources*Benjarong 17.5Songkhla South-West 3.6

G5/43 Total Contingent Resources 21.1

Grand Total Offshore Prospective & Contingent Resources 367.4

Additional Coastal Prospects**Songkhla A Miocene 17.5Songkhla B Miocene 3.6

Songkhla Total 21.1

Bua Ban Northeast A 23.4Bua Ban Northeast B 10.2Benjarong East 1 & 2 21.9

Bua Ban Total 55.5

Total Coastal Additional Prospects 93.0

Gross Working Interest Reserves*Huddleston & Co. estimates as of 12/31/2008**Coastal Reserve Estimates Only

High Case (mmboe)

High Case (mmboe)

High Case (mmboe)


Total Reserve Base

License Area Proved (1P) Proved +Probable (2P) Proved + Probable + Possible (3P)

Offshore – Oil (mmbbl)

Songkhla Lower Oligocene 9.8 15.7 19.7

Songkhla Eocene 1.1 3.9 7.6

Bua Ban 7.2 21.8 27.8

Total Offshore (mmbbl) 18.1 41.4 55.1

Onshore

Phu Horm - Gas (bcf) 49.3 120.2 120.2

Phu Horm – Condensate (mmbbl) 0.3 0.6 0.6

Total Onshore (mmboe) 8.5 20.8 20.8

Grand Total (mmboe) 26.6 62.2 75.9

Note: Reserves taken from the Competent Person’s Report prepared by Huddleston & Co., effective December 31, 2008


Significant Discount to 2P Net Asset Value

Case 10% Pre-tax (US$ MM)

10% Post-Tax (US$ MM)

NAV per Share (US$ Pre-tax)

NAV per Share (US$ Post-tax)

NAV per Share (C$ Post-tax)

Offshore

Proved $492.9 $284.1 $4.85 $2.80 C$3.00

Proved +Probable $1,173.6 $497.7 $11.56 $4.90 C$5.25

Proved + Probable + Possible $1,618.0 $634.3 $15.93 $6.25 C$6.70

Onshore

Proved $153.9 $69.5 $1.52 $0.68 C$0.73

Proved +Probable $264.9 $112.9 $2.61 $1.11 C$1.19

Proved + Probable + Possible $264.9 $112.9 $2.61 $1.11 C$1.19

Total

Proved $646.8 $353.6 $6.37 $3.48 C$3.73

Proved +Probable $1,438.5 $610.6 $14.17 $6.01 C$6.44

Proved + Probable + Possible $1,882.9 $747.2 $18.54 $7.36 C$7.89

Market Price as of October 31, 2009 (C$) Premium/(Discount) to 1P Value (Post-Tax)

Premium/(Discount) to 2P Value (Post-Tax)

C$4.88 31% (24)%

Notes: All amounts in US dollars except where notedAfter-tax NAVs include effect of Thai Petroleum Income Tax (PIT) and Special Remuneratory Benefit (SRB)NAVs determined using Forecast Pricing from Gilbert Lausten Jung (www.gljpc.com)Per share amounts calculated using fully diluted sharecount as at June 30, 20091 CAD = 0.9325 USD as of October 31, 2009


Equity Research Analyst Estimates

Metric 2009E 2010E

Production (boe/d) 7,400 14,400

EPS – fully diluted C$0.32 C$1.09

OCFPS – fully diluted C$0.79 C$1.87

NAV (2P) C$7.26

Price Target C$7.50

CEN Stock Price (10/31/09) C$4.88

*Average of most recent analyst estimates from Canaccord Capital, Paradigm Capital, Royal Bank of Canada Capital Markets and Thomas Weisel Partners


106,387,300114,975,800

US$37.0 millionUS$37.8 millionUS$15.2 million

Total number of shares outstandingFully diluted share countCashReserve Based Credit Facility Outstanding (as of 6/30/09)Other Short Term Debt (as of 6/30/09)Trading Symbols: “CEO” on London AIM and “CEN” on TSX-V*All figures as of closing of the equity offering on November 5, 2009 unless otherwise noted

Corporate InformationCorporate Information


Appendix


Block G5/43: Songkhla B – Miocene Prospect

Closure to -3915 ft = 243 Ac

Miocene Target on East Prospect Only

Fault Closure to -3915 feet = 243 Ac

STOOIP (unrisked) is 27 mmbbl


Block G5/43: Songkhla B – Eocene Prospect

Eocene Target on East Prospect Only

Fault Closure to -8214 feet = 410 Ac

STOOIP (unrisked) is 25 mmbbl


Phu Horm Gas Field

Coastal net 12.6% interest (Hess Operator)

Coastal net 2,000 boepd

Feedstock for 750 MW power plant at Nam Phong;

gas sold under 15-year gas sales agreement

expiring 2021

Contingent gas resources of 5.4 tcf (high case)

3-D seismic shoot planned for 2010

Blocks EU1, E5N, L15/43

Indosinian 1 Unconformity TWT StructurePK-1

Proposed Phu Horm South Well

EU1, E5N & Block L15/43


Block L27/43 Coastal net 36% interest

Contains the Dong Mun gas field

Phu Kheng well spudded early July 2009 to

test shallower Dong Mun shows in optimum

structural position

Reached TD late August; currently evaluating

for further testing; results expected late 2009

2-D seismic acquired in Q1 2006 over Dong

Mun field and existing prospects/leads

9 additional leads confirmed in the block

Current mapping suggests estimated gas

resources in the block could be as high as 2 tcf

Block L27/43

Phu Kheng


Block L13/48Coastal net 22% interest

Appraisal well spudded in late September 2009;

results expected late 2009

Si That – wells 1 & 2 both tested gas

ST-2 well tested gas from Permian Dolomites

Current mapping suggests Si That structure could

hold gas in place in excess of 1 tcf

2-D seismic acquired in late 2007

Block L13/48

Si That B


Offshore (G5/43 & G5/50)

“Thai III” regime

Royalty payable on a sliding scale determined by monthly production volume (5 – 15%)

Current monthly production volume results in 8% effective royalty rate

Monthly production of 20,000 bopd results in 10% effective royalty rate

Petroleum Income Tax (“PIT”) payable on net income after deductions

Allowable deductions: Royalty, Operating Expenses, Depreciation Allowance, Special

Remuneratory Benefit, Loss Carryforward

Depreciation Treatment

Tangibles depreciated straight-line over 5 years

Pre-production intangibles depreciated straight-line over 10 years

Post-production intangibles expensed as incurred

Resulting net income taxed at 50% rate

Thailand Fiscal Terms


Special Remuneratory Benefit (“SRB”)Designed as a “Windfall Profits Tax” for high oil price environmentsAssessed on a sliding scale basis determined by “Revenue per Meter Drilled”

Petroleum Revenue applied to sliding scale is adjusted for inflation and exchangerate fluctuations

Coastal’s offshore concessions provide a 600,000 meter “allowance” to be added to actualdrilling footageTax assessed on “Petroleum Profit”

Allowable deductions: Royalty, Depreciation Allowance, Operating Expenses, LossCarryforwardsAll Capex is expensed as incurred, with a special 35% “uplift” on facilities capexAllows for full capital recovery plus uplift

SRB is deductible for PIT purposesOffshore Taxation Expectations*

Coastal does not expect to incur any SRB liability in 2009 or 2010Coastal expects its overall effective tax rate to be 0% in 2009 & 15% in 2010

Thailand Fiscal Terms

*Assumes $60MM capex in 2009 and $85MM capex in 2010 for development of Bua Ban and Benjarong fields and prospects; $55/bbl realized oil price in 2009 and $65/bbl in 2010; Average daily offshore production of 6.9K bopd in 2009 and 12K bopd in 2010


Legal DisclaimerThe information contained in this presentation (“Presentation”) has been prepared by Coastal Energy Company (“Company”) and is being delivered for informational purposes only to a limitednumber of persons to assist them in deciding whether or not they have an interest in investing in the Company. The Presentation has not been independently verified and the information containedin it is subject to updating, completion, revision, verification and further amendment. The Presentation does not purport to contain all information that a prospective investor may require. Whilethe information contained in it has been prepared in good faith, neither the Company nor its shareholders, directors, officers, agents, employees, or advisors give, has given or has authority to give,any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any otherwritten or oral information made or to be made available to any interested party or its advisers (all such information being referred to as “information”) and liability therefore is expresslydisclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct,express or implied, contractual, torturous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in, or for any errors, omissionsor misstatements or for any loss, howsoever arising from the use of this Presentation. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide therecipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.Information contained in this Presentation is confidential information and the property of the Company. It is made available strictly for the purposes referred to above.The Presentation and any further confidential information made available to any recipient must be held in complete confidence and documents containing such information may not be reproduced,used or disclosed without the prior written consent of the Company. This Presentation must not be copied, published, reproduced or distributed in whole or in part at any time without the priorwritten consent of the Company and by accepting the delivery or making to it of this Presentation, the recipient agrees not to do so and to return any written copy of this Presentation to theCompany at the request of the Company.This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisors. Each party to whomthis Presentation is delivered or made must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. Inparticular, any estimates or projections or opinions contained in this Presentation necessarily involve significant elements of subjective judgement, analysis and assumption and each recipientshould satisfy itself in relation to such matters. Neither the delivery or making of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Companyto proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for anycosts, losses or expenses incurred in connection with any appraisal or investigation of the Company.This Presentation does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to subscribe for or purchase any securities in the Company, nor shall it,or the fact of its delivery, making or distribution, form the basis of, or be relied upon in connection with, or act as any inducement to enter into, an contract or commitment whatsoever with respectto such securities. Any such solicitation or offer will be made by means of a prospectus to be issued by the Company in due course and any decision to subscribe for securities in the Companyshould be made solely on the basis of the information contained in such prospectus.

The delivery, making or distribution of this Presentation in or to persons in certain jurisdictions may be restricted by law and persons who receive this Presentation should inform themselves about,and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction. In particular, this Presentation has not beenapproved by an authorised person pursuant to Section 21 of the Financial Services and Markets Act 2000 (“FSMA”) and accordingly, it is being communicated in the United Kingdom only topersons to whom this Presentation may be communicated without contravening the financial promotion prohibition in Section 21 of the FSMA. Those persons are described in the FinancialServices and Markets Act 2000 (Financial Promotion) Order 2005 (“Order”) and include persons who fall within the category of person set out in Articles 19 and 49 of the Order. Any investmentactivity to which this Presentation relates in the United Kingdom is available to, and will only be engaged with such persons and this Presentation should not be acted or relied upon in the UnitedKingdom by persons of any other description. This Presentation has not been approved as a prospectus by the UK Financial Services Authority (“FSA”) under Section 87A of the FSMA and hasnot been filed with the FSA pursuant to the United Kingdom Prospectus Rules. No offer of securities in the Company is being or will be made in the United Kingdom in circumstances whichwould require such a prospectus to be prepared.The securities proposed to be issued by the Company (the "Common Shares") have not and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") andmay not be offered or sold in the United States except pursuant to an exemption from, or transactions not subject to, the registration requirements of the Securities Act. In addition, other than to alimited number of persons reasonably believed to be qualified institutional buyers (as defined in Rule 144A under the Securities Act), neither this Presentation nor any copy of it may be taken ortransmitted into the United States or America or distributed directly or indirectly, in the United States of America or to any resident thereof except in compliance with the applicable U.S. securitieslaws. Any failure to comply with these restrictions may constitute a violation of applicable U.S. securities laws.By accepting this Presentation, the recipient represents and warrants that it is a person to whom this Presentation may be delivered or distributed without a violation of the laws of any relevantjurisdiction. This Presentation is not to be disclosed to any other person or used for any other purpose and any other person who receives this Presentation should not rely or act upon it.

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