Related Party Transactions

6 Months Ended

Jun. 30, 2013

Related Party Transactions

Note 6. Related Party Transactions

See Note 8 also.

Services

Through May 2009, the Company paid a monthly retainer to the law firm of Angerer & Angerer which had been litigation counsel to the Company for more than twenty-five years and also served the Company in that capacity as well as others including general counsel services, management services, public relations, shareholder relations and representing the Company before state and federal agencies for permitting. The principals of the law firm included two individuals who are collectively shareholders, officers and a director of the Company. No amounts were paid or accrued in the six month period ended June 30, 2013 or 2012. The Company owes $150,000 to Angerer & Angerer at June 30, 2013.

Mr. Herbert D. Haughton, a shareholder of Igler & Dougherty, P.A., was elected a director of Coastal Caribbean and of Coastal Petroleum in December 2005. The Company incurred no legal fees to the law firm of Igler & Dougherty, P.A., (now Adams and Reese LLP) during the six month period ended June 30, 2013 and 2012.

The Company has been accruing compensation and related benefits to it its former president and CEO (see Note 9). During the six month period ended June 30, 2013 and 2012, the Company accrued compensation and retirement benefits of $25,552 and $76,656, respectively. At June 30, 2013, the Company owes compensation and related benefits to its former president and CEO of $708,334 and $186,703, respectively.

The Company has also been accruing directors’ fees. During the six month period ended June 30, 2013 and 2012, the Company accrued $12,500 of fees to directors. At June 30, 2013, the Company owes $306,250 in directors’ fees.