APALACHICOLA, FL, November 6, 2008.  Phillip Ware, President and Chief Executive Officer of Coastal Caribbean Oils & Minerals, Ltd. (OTC Bulletin Board: COCBF.OB) (“Coastal Caribbean” or the “Company”), announced today that the Company’s wholly owned subsidiary, Coastal Petroleum Company (“Coastal”), and Western Standard Energy Corp. (“Western Standard”) have finished completion efforts on the shallow gas prospect well drilled last year on Coastal’s Valley County, Montana Leases (“Leases”).
 
The Federal 1-19 Well had three objectives: to confirm the 34,000 acre Starbuck East Prospect by finding that the Eagle formation was high to surrounding wells off the Prospect; to confirm that there were good natural gas shows in the Starbuck East Prospect; and to find commercial gas in either the Eagle formation or the Judith River formation. The first two objectives were met. The third has not been met. 
 
The Company performed three stages of completion work on the Federal 1-19, including stimulation of the well.  Because of drilling damage to the two target formations, the Company was unable to determine whether these formations contain economic quantities of gas.  The Judith River formation, a secondary target, was damaged while drilling through it to get to the primary target, the Eagle formation.  Drilling fluids lost into the Judith River caused the damage and future wells to this formation will avoid this problem.
 
Completion efforts also found that the Eagle formation was damaged by the initial drilling and the formation was not able to be tested.  Further drilling into the Eagle formation during completion did not yield gas like the gas show seen from the upper part of the formation that was damaged.  Information obtained during completion will be used in avoiding such damage in future wells drilling to the Eagle formation.   It is not unusual that the first well confirming a structure does not become a producer, but it has yielded valuable information about two potentially economic gas bearing formations.
 
Western Standard has been given notice of the completion of the well and now has 30 days to exercise its option to purchase a 50% interest in the approximately 37,000 acres (the “shallow gas assembly”) near the well location. The cost to exercise the option would be $1,000,000, payable in $200,000 installments based on certain milestones related to permitting and drilling step-out wells.
 
 According to an engineering report, written by a third party consulting geologist on February 2, 2005, and later confirmed in September, 2007, the Starbuck East shallow gas prospect is estimated to be a 34,000-acre closure, and could allow for around 600 wells to be drilled with 80-acre spacing. The same report has estimated potential recoverable resources to be approximately 220 BCF of gas from two zones.  The well proposed by the geologist report to confirm the structure and test for gas was drilled as the Federal 1-19 well. The Starbuck East shallow gas assembly is located approximately 8 miles directly to the north of the Northern Border Pipeline, which runs from Alberta, Canada to serve the Chicago market.
          
Now in its 56th year, Coastal Caribbean Oils & Minerals, Ltd., is engaged in the exploration for and development of oil and gas reserves through its wholly owned subsidiary, Coastal Petroleum.  Coastal Petroleum’s principal assets are its cash and its non-producing oil and gas leases within the Williston Basin, covering approximately 8,500 net acres in North Dakota and approximately 124,000 net acres in Montana.
 
Certain statements included in this press release, which are not historical in nature, are intended to be forward-looking statements. Coastal Caribbean cautions readers that forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
 
Contact: Robert J. Angerer, Jr. at (850) 576-5982