Release: 4970-04
For Release: August 12, 2004

U.S. COMMODITY FUTURES TRADING COMMISSION RECOGNIZES CORAL ENERGY RESOURCES, LP’s STATEMENT CLARIFYING PRIOR PUBLIC STATEMENTS

WASHINGTON, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today that it acknowledges a statement that Coral Energy Resources, LP (Coral) made to the press on Tuesday, expressing regret about any impression created by an earlier Coral July 29^th statement regarding a settlement with the CFTC last month.

The settlement resulted in the CFTC's issuance of an Order Initiating Proceedings, Making Findings and Imposing Remedial Sanctions (order) and Coral's payment of a $30 million civil penalty (see CFTC News Release 4964-04, July 29, 2004). The order included an undertaking by Coral that it would not take any action or make any public statement creating or tending to create the impression that the order is without a factual or legal basis.

Coral's statement of Tuesday reads as follows:

On July 29, 2004, Coral Energy Resources, L.P. issued a statement in response to the Commodity Futures Trading Commission (CFTC) release of its Order and accompanying press release. While Coral neither admits nor denies the Order’s findings of fact, its External Release was not intended to deny any findings or conclusions in the Order. Coral’s decision to settle the dispute was based on a number of factors, including sound legal analysis. Coral regrets any impression created by its External Release that the Order is without a factual or legal basis.

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Media Contacts
Alan Sobba
(202) 418-5080
Dennis Holden
(202) 418-5088
Office of External Affairs

Related Document
CFTC News Release 4964-04