EastCoast Energy Corporation provides update on development drilling programme

Tortola, British Virgin Islands  EastCoast Energy Corporation (“EastCoast Energy” or the “Company”) announces that it has signed a rig contract with Caroil SA to drill a sixth development well, SS-10, on the Songo Songo field.

The Caroil 6 land rig is currently being mobilised to Songo Songo Island. The new well will deviate one kilometer offshore and will be drilled to a depth of approximately 6,400 feet. Drilling is expected to be completed by mid June, 2007, at a total cost of approximately US$11 million.

Earlier, in Janary 2007. EastCoast successfully performed remedial work on offshore well SS-9. The Company removed equipment that was left downhole in 1997. As a result, the well’s flow rate has increased from 20 MMscf/d to 50 MMscf/d.

The increased delivery from Songo Songo is required to meet the increasing consumption of ‘Additional Gas’ by both the power and industrial sectors in the Dar es Salaam area, whilst also ensuring there is sufficient deliverability in the event of the loss of production from any one of the six wells.

EastCoast is a TSXV listed company, focused on the exploration and production of Tanzanian natural gas and the sale of “Additional Gas” to markets in East Africa.  The Company trades on the TSXV under the trading symbols ECE.B and ECE.A. The Company is headquartered in Tortola, British Virgin Islands and maintains its operations offices in Dar es Salaam, Tanzania.

Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond EastCoast’s control, including the impact of general economic conditions in the areas in which EastCoast operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore EastCoast’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that EastCoast will derive therefrom.

For further information please contact:

Peter Clutterbuck, President and CEO
+255 (0)22 2138737

Nigel A Friend, CFO
+255 (0)22 2138737

EastCoast Energy Corporation changes its name to Orca Exploration Group Inc

Tortola, British Virgin Islands    EastCoast Energy Corporation (TSXV: ECE.A and ECE.B) announced today that it has changed its legal name to Orca Exploration Group Inc. The Company expects that trading in the name Orca Exploration will, upon receiving final approval of the TSXV, begin at the opening of trading on or about 4 April 2007.

The corporate name change was approved by EastCoast Energy Corporation’s shareholders at the Company’s Annual General Meeting on 14 November 2006 and a Certificate of Name Change was issued 2 February 2007. Orca Exploration Group Inc. is a TSXV Exchange listed company, focused on the exploration and production of natural gas and the sale of “Additional Gas” to markets in East Africa.  The Company began trading on the TSXV on 31 August 2004 under the trading symbols ECE.B and ECE.A.  Subsequently shareholders approved a name change for the Company from EastCoast Energy Corporation to Orca Exploration Group Inc.  Following final approval of the name change shares in the Company will trade on the TSXV Exchange as ORC.B and ORC.A.

Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond EastCoast’s control, including the impact of general economic conditions in the areas in which EastCoast operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore EastCoast’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that EastCoast will derive therefrom.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this Press Release.

For further information please contact:

Peter Clutterbuck, President and CEO
+255 (0)22 2138737

Nigel A Friend, CFO
+255 (0)22 2138737

Orca Exploration Group Inc. names James Smith as Vice President Exploration

Tortola, British Virgin Islands  Orca Exploration Group Inc. (“Orca”) has announced that Mr. Smith is a Director of Orca and was elected to the Board at the company’s Annual General Meeting on November 14, 2006.

Mr. Smith has extensive oil and gas exploration experience in Africa and the Middle East.  He was previously the Manager for New Ventures with Chevron and more recently was Vice President Exploration with PanOcean Energy Corporation.  At PanOcean he was instrumental in the rapid development of a portfolio of onshore and offshore oil assets in Gabon which were sold in 2006.  In consideration of Mr. Smith accepting his position with Orca he has been granted 200,000 Class “B” shares from Treasury to be held in escrow and issued to him in one third tranches on April 7, 2007, April 7, 2008 and April 7, 2009. Mr. Smith mandate will be to capture new opportunities for Orca with a particular focus on West Africa. Orca (formerly Eastcoast Energy Corporation) is a TSXV listed company, focused on the exploration and production of natural gas and the sale of “Additional Gas” to markets in East Africa.  The Company trades on the TSXV under the trading symbols ORC.B and ORC.A.

Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond Orca’s control, including the impact of general economic conditions in the areas in which Orca operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with oil and gas operations, therefore Orca’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that Orca will derive therefrom.

For further information please contact:

Peter Clutterbuck, President and CEO
+255 (0)22 2138737

Nigel A Friend, CFO
+255 (0)22 2138737

EastCoast Energy Corporation announces Normal Course Issuer Bid

Tortola, British Virgin Islands – EastCoast Energy Corporation (“EastCoast”) today announced its intention to initiate a Normal Course IssuerBid for purchase of its Class “B” Subordinate Voting Shares through the facilities of the TSX Venture Exchange.

Subject to approval of the TSX Venture Exchange, purchases made pursuant to the bid will not exceed 1,085,379 Class “B” shares of EastCoast representing up to 4.3% of the total of 25,053,128 Class “B” Common Shares. The Normal Course Issuer Bid provisions will be in effect from January 31, 2007 to December 31, 2007.   The issuer will spend a maximum of $2,200,000.

EastCoast believes that the purchase of Class “B” shares under the bid will contribute to the facilitation of an orderly market and be in the best interests of the Corporation and its shareholders.  The Class “B” Common shares will be purchased by EastCoast on the open market exclusively through the facilities of the TSXV pursuant to its rules governing normal course issuer bids. 

EastCoast is a TSXV listed company, focused on the exploration and production of natural gas and the sale of “Additional Gas” to markets in East Africa.  The Company began trading on the TSXV on 31 August 2004 under the trading symbols ECE.B and ECE.A.

Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond EastCoast Energy’s control, including:  the impact of general economic conditions in the areas in which the Company operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, government intervention, third party contractual behaviour,  the speed at which gas markets develop,  the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities.  In addition there are risks and uncertainties associated with operating a  limited number of producing wells and gas related infrastructure, therefore EastCoast Energy’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that EastCoast Energy will derive therefrom.

For further information please contact:

Peter Clutterbuck, President and CEO
+255 (0)22 2138737

Nigel A Friend, CFO
+255 (0)22 2138737

EastCoast Energy announces oversubscription of rights issue

TORTOLA, British Virgin Islands. EastCoast Energy Corporation (“EastCoast Energy” or the “Company”) announces that its rights issue which closed 29 December, 2006 was oversubscribed and that gross proceeds of Cdn$21.5 million have been raised for the Company.

The funds will be used primarily to develop the Company’s existing gas assets in Tanzania and to pursue new options for growth. In the first half of 2007, the Company will drill a development well to meet the impending gas sales to the power sector and service one of the existing wells.

Under the terms of the rights issue

  • each holder of a Class B Subordinated Voting share (“Class B Share”) was entitled to receive one right for each Class B Share held and seven rights entitled the holder to subscribe for one Class B Share at a price of Cdn$ 6.43.
  • each holder of a Class A Common share (“Class A Share”) was entitled to receive one right for each Class A Share held and seven rights entitled the holder to subscribe for one Class B Share at a price of Cdn$ 6.43.
  • each holder of rights who exercised all of their rights was entitled to subscribe for additional Class B Shares that had not been subscribed and paid for at 12:00 noon on 29 December 2006 (“Additional Subscription Privilege”)

The subscription price of Cdn$ 6.43 represented a 15% discount to the closing price of the Class B Shares on 7 September 2006.

As at 17:00 hours on 29 December 2006, 3,318,470 Class B Shares had been subscribed for by the rights holders and 3,589,446 Class B Shares had been subscribed for in the Additional Subscription Privilege.

As a result of the rights issue, the Company will issue 3,345,540 Class B Shares including 27,070 Class B Shares under the Additional Subscription Privilege. This will increase the number of Class B Shares in issue to 25,053,128. The number of outstanding Class A Shares remains the same at 1,751,195.

EastCoast Energy Corporation Limited is a TSXV listed company focused on the exploration and production of Tanzanian natural gas and the sale of “Additional Gas” to markets in East Africa. The Company trades on the TSXV under the trading symbols ECE.B and ECE. A. The company is headquartered in Tortola, British Virgin Islands and maintains its operations offices in Dar es Salaam, Tanzania.

Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond EastCoast’s control, including the impact of general economic conditions in the areas in which EastCoast operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities.  In addition there are risks and uncertainties associated with oil and gas operations, therefore EastCoast’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that EastCoast will derive therefrom.

For further information please contact:

Peter R. Clutterbuck, CEO
+44 (0) 7768 120727

Nigel A Friend, CFO
+255 (0)22 2138737

EastCoast Energy announces its intention to raise approximately Cdn$21.5 million through a rights issue

TORTOLA, British Virgin Islands. EastCoast Energy Corporation (“EastCoast Energy” or the “Company”) announces that the Board of Directors has approved, in principal, the raising of approximately Cdn $21.5 million before expenses by means of a rights issue. The transaction will require the approval of the TSX Venture Exchange (“TSXV”).

It is intended that each holder of a Class B Subordinated Voting share (“Class B Share”) will receive one right for each Class B Share held and that seven rights will entitle the holder to subscribe for one Class B Share at a price of Cdn $6.43.

The subscription price of Cdn $6.43 represents a 35% discount to the closing price of the Class B Shares on November 16, 2006. Under the terms of the rights issue, the Company will issue a maximum of approximately 3,345,540 Class B Shares.

The funds will primarily be used to develop the Company’s existing gas assets in Tanzaniea and to pursue new options for growth.

EastCoast Energy Corporation Limited is a TSXV listed company focused on the exploration and production of Tanzanian natural gas and the sale of “Additional Gas” to markets in East Africa. The Company trades on the TSXV under the trading symbols ECE.B and ECE. A. The company is headquartered in Tortola, British Virgin Islands and maintains its operations offices in Dar es Salaam, Tanzania.

Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond EastCoast’s control, including the impact of general economic conditions in the areas in which EastCoast operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities.  In addition there are risks and uncertainties associated with oil and gas operations, therefore EastCoast’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that EastCoast will derive therefrom.

For further information please contact:

Peter R. Clutterbuck, CEO
+44 (0) 7768 120727

Nigel A Friend, CFO
+255 (0)22 2138737

EastCoast Energy nominates two additional Directors and proposes a name change

TORTOLA, British Virgin Islands – To expand the depth of expertise within its Board of Directors, EastCoast Energy Corporation (“EastCoast Energy” or “the Company”) has nominated two new Directors for election by shareholders at the Annual General Meeting on November 14, 2006. 

The new nominees are James N. Smith and David W. Ross.  Mr. Smith has extensive oil and gas exploration experience in Africa and the Middle East.  He was previously the Manager for New Ventures with Chevron and more recently was Vice President Exploration with PanOcean Energy Corporation.  At PanOcean he was instrumental in the rapid development of a portfolio of onshore and offshore oil assets in Gabon which were sold in 2006.  Mr. Ross is a partner with Burnet, Duckworth and Palmer and is currently Secretary to the Board of the Company.  Current EastCoast Director  Robert Spence is resigning as a Director at the Annual Meeting. 

The Company is also proposing to change its name to the Orca Exploration Group Inc. at the November 14, 2006 meeting.

EastCoast Energy Corporation Limited is a TSXV listed company focused on the exploration and production of Tanzanian natural gas and the sale of “Additional Gas” to markets in East Africa.  The Company trades on the TSXV under the trading symbols ECE.B and ECE. A.  The company is headquartered in Tortola, British Virgin Islands and maintains its operations offices in Dar es Salaam, Tanzania.

Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond PanOcean’s control, including:  the impact of general economic conditions in the areas in which the Company operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities.  In addition there are risks and uncertainties associated with oil and gas operations, therefore PanOcean’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that PanOcean will derive therefrom .

For further information please contact:

W. David Lyons, Chairman
+255 (0)22 2138737

Nigel A Friend, CFO
+255 (0)22 2138737

EastCoast Energy announces its intention to raise approximately Cdn$21.5 million through a rights issue

TORTOLA, British Virgin Islands. EastCoast Energy Corporation (“EastCoast Energy” or the “Company”) announces that the Board of Directors has approved, in principal, the raising of approximately Cdn$21.5 million before expenses by means of a rights issue. The transaction will require the approval of the TSX Venture Exchange (“TSXV”).

It is intended that:

  • each holder of a Class B Subordinated Voting share (“Class B Share”) will receive one right for each Class B Share held and that seven rights will entitle the holder to subscribe for one Class B Share at a price of Cdn$6.43.
  • each holder of a Class A Common share (“Class A Share”) will receive one right for each Class A Share held and that seven rights will entitle the holder to subscribe for one Class B Share at a price of Cdn$6.43.

The subscription price of Cdn$6.43 represents a 15% discount to the closing price of the Class B Shares on 8 September, 2006.  Under the terms of the rights issue, the Company will issue a maximum of approximately 3,345,540 Class B Shares.  The non-executive Chairman, David Lyons, who currently holds 3,599,146 Class B Shares and 1,739,275 Class A Shares, has indicated that he will take up his full rights allocation and will give a stand-by commitment to take up such other subscription rights as are not exercised.

The funds will be primarily used to drill a development and exploration well on the Company’s licence acreage in Tanzania during the first half of 2007 to meet the rapidly increasing demand for gas in the country.  The funds will also strengthen the Company’s ability to take advantage of additional exploration and development opportunities.

EastCoast Energy Corporation Limited is a TSXV listed company focused on the exploration and production of Tanzanian natural gas and the sale of “Additional Gas” to markets in East Africa.  The Company trades on the TSXV under the trading symbols ECE.B and ECE. A.  The company is headquartered in Tortola, British Virgin Islands and maintains its operations offices in Dar es Salaam, Tanzania.

Forward Looking Statements
This disclosure contains certain forward-looking estimates that involve substantial known and unknown risks and uncertainties, certain of which are beyond EastCoast’s control, including the impact of general economic conditions in the areas in which EastCoast operates, civil unrest, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities.  In addition there are risks and uncertainties associated with oil and gas operations, therefore EastCoast’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking estimates and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking estimates will transpire or occur, or if any of them do so, what benefits, including the amounts of proceeds, that EastCoast will derive therefrom.

For further information please contact:

Peter R. Clutterbuck, CEO
+44 (0) 7768 120727

Nigel A Friend, CFO
+255 (0)22 2138737