Trading Symbol: CPO - TSX Venture Exchange
CALGARY, May 6 /CNW/ - Coral Sea Petroleums Ltd. (the "Coral Sea") announces that MPG, Chartered Accountants have elected to no longer conduct audits of public companies and have accordingly resigned as auditors of Coral Sea. As successor Auditor, the Directors appointed the firm Kenway Mack Slusarchuk Stewart LLP, to act as Auditors of the Coral Sea until the next Annual General Meeting of the Coral Sea.
There were no "reportable events" between Coral Sea and its former Auditors.
Coral Sea has also filed its Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2007 as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators. Copies of such may be obtained on www.sedar.com or by contacting Coral Sea.
The well 15-19-38-22 W4M (the "Nevis Well") has been shut-in by the operator Advantage Oil and Gas Ltd. ("Advantage") due to lack of capacity in the existing compressor located at 6-19-38-22 W4M. Advantage has advised Coral Sea that this compressor, which is a 145 horsepower compressor, will be replaced by a larger 810 horsepower compressor. This larger compressor is currently located in the Medicine Hat area and depending on weather conditions the replacement is scheduled for some time in the spring or summer of 2008, at which time the Nevis Well is scheduled to be placed back on production.
Coral Sea is a Calgary based junior oil and gas company, whose common shares trade on the TSX Venture exchange under the symbol CPO
CORAL SEA PETROLEUMS LTD.
Per:
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Tom Walton, President
"The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release."