Business: Coastal Caribbean Oils & Minerals Ltd is engaged, through its Coastal Petroleum Co. (CPC) subsidiary, in the exploration for and development of oil and gas reserves. Their principal assets are their nonproducing oil and gas and mineral leases and royalty interests in the State of Florida. CPC is the lessee under State of Florida leases on approximately 3,7000,000 acres of submerged lands along the Gulf Coast and under certain inland lakes and rivers. The leases provide for a working interest in approximately 1,250,000 acres and a royalty interest in approximately 2,450,000 acres covered by the leases. CPC has made no commercial discoveries on its leaseholds.