CALGARY, Nov. 6 /CNW/ - COSTA Energy Inc ("COSTA" or the "Company") (NEX - COE.H) closed the sale of its wholly-owned subsidiary, COSTA Resources Ltd. ("Resources"), which held the Company's oil and gas assets, in October 2008. As a result, Mr. Terry Brooker has resigned as President and Chief Executive Officer but will remain a director. Mr. Brooker was a founder of Resources in 2004. The Company wishes to thank him for his significant contributions, specifically in regard to the reverse takeover of Kelso Energy Inc. in 2006 and the recent sale of Resources.

COSTA announces that Mr. David. F. Campbell has been appointed President and Chief Executive Officer of the Company. Mr. Campbell had previously been Vice President and Chief Financial Officer.

As the Company has no operating assets, it has been transferred from the TSX Venture Exchange ("TSX-V") to NEX, which is a separate board maintained by the TSX-V for the listing of companies which do not meet the minimum TSX-V tier maintenance requirements.

COSTA also announced today that Mr. A. Murray Sinclair has resigned as a director of the Company. Mr. Sinclair had been a director of COSTA since June 2007 and the Company wishes to thank him for his contributions.

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