Trading Symbol: CPO - TSX Venture Exchange
CALGARY, Dec. 16 /CNW/ - Coral Sea Petroleums Ltd. (the "Company") is
pleased to announce that the well Reto et al FBA 1-36-57-25 W4M is scheduled
to commence drilling on December 17, 2005. The well will be drilled to a depth
of approximately 1400 metres (4600 feet) and will test a seismically
controlled Leduc age anomaly. The well is expected to take 7 days to drill and
log. The rig will drill and set surface casing; then shut down for the
Christmas break and recommence drilling after Christmas. The Company is
participating as to a 25% working interest and farming out the balance of its
interest (37.5%). If the well is successful, the Company's interest in
production from this well will be 25% plus a gross overriding royalty before
payout and 43.75% after payout.
The Company further announces that, at its Annual General and Special
shareholders meeting, held on July 25th, the shareholders decided to allow the
term of appointment of Maldaner Crooks Watson, Chartered Accountants, the
Corporation's former Auditors, to expire upon the timely completion of their
outstanding tasks. As successor Auditor the shareholders appointed the firm
MPG, Chartered Accountants, to act as Auditors of the Corporation until the
next Annual General Meeting of the Corporation.
There are no "reportable events" between the Corporation and its former
Auditors. On or about December 9, 2005 the former Auditors completed their
outstanding tasks and the change of Auditor filings are currently being
completed.
Coral Sea is listed on the TSX Venture Exchange ("TSX-V"), trading under
the symbol CPO.
Coral Sea Petroleums Ltd.
Per: (signed)
--------------------
T.E. Walton, President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
