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, 1997
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, 1997, the First District Court of Appeal in Florida ruled
against the Company in its appeal of the Circuit Court's decision that there was
no taking of Coastal Petroleum Company's royalty interest acreage.
A press release relating to this development 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 6, 1997.
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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/ Benjamin W. Heath
Benjamin W. Heath
President
Date: August 6, 1997
FLORIDA APPELLATE COURT
RULES AGAINST COASTAL
IN ROYALTY INTEREST CASE
APALACHICOLA, FL, August 6, 1997 -- Coastal Petroleum Company said
Florida's First District Court of Appeal has ruled against the Company in its
inverse condemnation claim against the State.
The ruling has no bearing on the Company's drilling permit litigation,
which involves working-interest acreage offshore, the Company said.
The lawsuit, filed seven years ago, sought compensation from the State
for its expropriation of the Company's petroleum and mineral royalty interests
in 2.5 million acres of tidal lands along the Gulf Coast.
Coastal contended its royalty interests were rendered worthless by the
State's ban on leasing, enacted in 1990, which, therefore, was tantamount to
confiscation. Last year, however, the lower court ruled against Coastal; and
that ruling was upheld yesterday by the appellate court.
A Coastal spokesman said the Company expects to appeal the decision to
the Florida Supreme Court.
Coastal Petroleum Company is a majority-held subsidiary of Coastal
Caribbean Oils & Minerals, Ltd. (Boston: CCO-B; CCO-BN).
Contact: Phillip W. Ware, at (904) 653-2732
