Coastal Energy Co. (CEO.L, CEN.V) announced that its third-quarter net loss and comprehensive loss attributable to shareholders was US$111 thousand, compared to a loss of US$476 thousand in the year ago quarter. On a per share basis, the company posted breakeven for the quarter, flat with last year. Expenses for the quarter rose to US$22.71 million, from US$5.18 million in the year ago quarter.
Revenues for the quarter declined to US$19.91 million, from US$451 thousand in the year ago quarter.
The company expects the remainder of the fourth quarter and 2010 to bring further progress in the development of its offshore assets and further success for Coastal.
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