CALGARY, Nov. 28 /CNW/ - COSTA Energy Inc. ("COSTA" or the Company)(NEX: COE.H) has released its financial and operating results for the three and nine months ended September 30, 2008.

SUMMARY
Three months ended September 30, 2008
(Unaudited)
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Production and prices
Natural gas sales (mcf/d)                      283
Oil sales (bbls/d)                               -
Average daily sales 6:1 (boe/d)                 47
Average natural gas price ($/mcf)            $7.82
Average oil price ($/bbl)                        -
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Financial ($)
Oil and gas revenue                       $203,442
Net loss and comprehensive loss           $215,007
Net loss per share, basic and diluted        $0.01
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Shares
Weighted average basic and diluted      43,260,735
Outstanding at period end               43,260,735
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The Company experienced a net loss and comprehensive loss of $215,007 ($0.01 per share, basic and diluted) for the quarter ended September 30, 2008.

At the annual and special meeting of the company held on October 20, 2008, the shareholders passed a special resolution with greater than the requisite 66 2/3 % approving the sale of COSTA Resources Ltd. ("Resources"), a wholly-owned subsidiary which held all of the Company's oil and gas assets. In addition, the shareholders passed a special resolution to effect the consolidation of the common shares on up to a ten for one basis, with the final consolidation ratio to be determined by the board of directors.

On October 21, 2008, COSTA sold Resources for aggregate cash consideration of $1.8 million. The current assets and current liabilities of Resources as of September 1, 2008 (in the aggregate $nil), were assumed by COSTA prior to the closing of the sale. All bank and debenture indebtedness was repaid immediately from the proceeds of the sale.

About COSTA
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COSTA's interim report, management's discussion and analysis and financial statements for the quarter ended September 30, 2008 are available on www.sedar.com and the Company's website at www.costaenergy.com.

COSTA's principal business was the exploration, development, production, and sale of crude oil, natural gas liquids and natural gas in Alberta. After the sale of Resources, the Company has no operating assets. Consequently, the Company was 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 is considering alternatives for the future of the Company.

Forward-Looking Statements: Certain information in this press release contains forward-looking statements, including, without limitation, expected results and certain expected expenses and costs in subsequent periods. These forward-looking statements involve inherent risks and uncertainties, some of which are beyond the Company's control, including but not limited to the impact of general economic conditions, industry conditions, environmental risks, competition, ability to access sufficient capital from internal and external sources and industry regulation. The assumptions used in the preparation of such information, although considered reasonable by COSTA at the time of preparation, may prove to be incorrect and actual results may differ materially from those expressed in or implied by these forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities laws.

Oil Equivalent Conversion: Barrel of oil equivalent ("boe") amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and natural gas liquids equivalent. This ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead or point of sale. Barrel of oil equivalents may be misleading, particularly if used in isolation.

The TSX Venture Exchange does not accept responsibility for the adequacy
or the accuracy of this release.