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) March 26, 1998
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 March 26, 1998, the Company reported that the Florida Department of
Environmental Protection denied 12 drilling permit applications which were
submitted in 1997 by the Company's subsidiary, Coastal Petroleum Company. The
Company's subsidiary expects to promptly file an administrative appeal of the
decision.
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 March 26, 1998.
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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: March 26, 1998
FLORIDA'S DEP DENIES
COASTAL PETE PERMITS
APALACHICOLA, FL, March 26, 1998 - Coastal Petroleum Company said
Florida's Department of Environmental Protection has denied 12 drilling permit
applications submitted by Coastal last year.
'
The Company, which has an 800,000-acre offshore leasehold along the
Gulf Coast, said the agency's action is unrelated to Coastal's 1992 application
for a permit off St. George's Island, now awaiting a ruling by an administrative
law judge expected early next month.
A Coastal spokesman said the agency rejected the 1997 applications
because they allegedly were incomplete, and noted that an administrative appeal
will be filed promptly.
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
