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) January 28, 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 January 28, 1998, the Florida Supreme Court refused to review the
First District Court of Appeal's denying Coastal Petroleum Company's claim that
a compensatory taking of its royalty interest acreage had occurred.
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 January 30, 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: January 30, 1998
FLORIDA SUPREME COURT
WILL NOT REVIEW COASTAL'S
ROYALTY INTEREST CASE
APALACHICOLA, FL, Jan. 30, 1998 - Coastal Petroleum Company said the
Florida Supreme Court has declined to review an appellate court ruling against
the Company in its royalty-interest claim against the State.
The suit, initiated in 1990, had sought compensation from the State for
its expropriation of Coastal's royalty interests in any petroleum or minerals
that might be found on 2.5 million tidal acres along the Gulf Coast.
Florida's First District Court of Appeal ruled against Coastal last
August, the Company said.
According to a Coastal spokesman, the Company's ongoing effort to
obtain an offshore drilling permit involves working-interest acreage that is not
affected by the high court's ruling.
The spokesman further noted that Coastal is reviewing its options,
including a possible appeal to the U.S. 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
