United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 5, 1996
Coastal Caribbean Oils & Minerals, Ltd.
(Exact name of registrant as specified in its charter)
Bermuda 1-4668 NONE
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Clarendon House, Church Street, Hamilton HM DX, BERMUDA NONE
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (441) 295-1422
(Former name or former address, if changed since last report.)
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FORM 8-K
COASTAL CARIBBEAN OILS & MINERALS, LTD.
Item 5. Other Events
On August 5, 1996, Florida's Leon County Circuit Court ruled against
Coastal Petroleum in its inverse condemnation case against the State of Florida.
A Press release relating to these developments is filed herewith as an
exhibit and incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
(c) Exhibits
(99) Additional Exhibits
(a) Press release of the registrant dated August 5, 1996.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COASTAL CARIBBEAN OILS & MINERALS, LTD.
(Registrant)
By /s/ James R. Joyce
James R. Joyce
Treasurer
Date: August 6, 1996
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EXHIBIT INDEX
Exhibit Description
99(a) Press release of the registrant dated
August 5, 1996
<PAGE>
COASTAL CARIBBEAN OILS & MINERALS, LTD.
N E W S R E L E A S E
FLORIDA CIRCUIT COURT
RULES AGAINST COASTAL
IN ROYALTY INTEREST CASE
APALACHICOLA,. Fla., Aug. 5, 1996-- Coastal Petroleum Company said
Florida's Leon County Circuit Court today ruled against the company in its
inverse condemnation claim against the State.
The lawsuit, filed six years ago, sought compensation from the State for
its expropriation of Coastal petroleum and mineral royalty interests in 2.5
million acres of tidal lands along the Gulf Coast.
Coastal contended the State's statutory ban on leasing, enacted in 1990,
made its royalty interests worthless, and therefore was tantamount to a taking
of its property. The Court, however, held that regulations on the use of
sovereign lands cannot be regarded as a taking of property without due process.
A Coastal spokesman said the company plans to file a notice of appeal with
the First District Court of Appeal, which reversed the lower court's summary
judgment against Coastal last summer.
The spokesman further noted that today's ruling has no bearing on the
company's drilling permit litigation, which involves working-interest acreage
offshore.
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Contact: James R. Joyce at (203) 245-7664
