Memorandum of Agreement by and between Coastal Petroleum Company, et al and the State of Florida Dated June 1, 2005.Coastal Caribbean Oils & Minerals LTD • June 3rd, 2005 • Crude petroleum & natural gas
The purpose of this memorandum is to set forth the essential terms of the agreement between and among Coastal Petroleum Company (“Coastal”), and Coastal Caribbean Oils & Minerals, Ltd. and certain individuals who claim royalty interests in, to and under the Coastal Leases (the “Royalty Holders”), and the State of Florida, the State of Florida Department of Environmental Protection and Board of Trustees of the Internal Improvement Trust Fund of the State of Florida (collectively the “State”) to finally settle and resolve all claims between and among them arising out of Coastal’s Leases Nos. 224-A, 224-B and 248 (the “Coastal Leases”). The Royalty Holders included in this agreement are Coastal Caribbean Oils & Minerals, Ltd. and members of two groups of individuals, one represented by Susan W. Fox, Esquire, and the other by Robert W. Clark, who are obtaining individual consents. This transaction is consistent with public policy regarding offshore oil and gas drilling as expressed in Sect
