By OGJ editors
HOUSTON, Dec. 4 -- Coastal Caribbean Oils & Minerals Ltd., Tallahassee, said it was considering legal options after an appeals court upheld a ruling that denied the company compensation for a long-held offshore lease on which the state prohibited the company from drilling for oil and gas.
The First District Court of Appeal affirmed the trial court's denial of affiliate Coastal Petroleum Co.'s inverse condemnation claim. The unanimous decision affirmed, without a written opinion, the trial court's final judgment dated Nov. 15, 2002, finding that the state had not taken Coastal's State Drilling Lease 224-A by inverse condemnation (OGJ, Feb. 8, 1999, p. 69).
Coastal Caribbean said its options may include a request for rehearing by the First District Court of Appeal, a possible appeal to the US Supreme Court, or filing a takings claim in federal court.