Stay Connected  Suit seeks lease value where Florida denied
drilling  Coastal Petroleum Co., Apalachicola, Fla., sued
Florida for the value of a state lease the company holds in the
Gulf of Mexico, saying that by denying it a drilling permit the
state is taking its property without compensation.The lawsuit,
filed in Leon County Circuit Court, asked the court to determine
the fair market value of the 60-year-old state lease that gives
Coastal the exclusive right to drill for oil and gas in state
waters in the gulf.Coastal President Philip Ware said, "The
state wants it both ways. The state is refusing to allow Coastal
Petroleum to exercise its legal right to explore for oil and gas
under the leases the state sold to us. At same time, the state
is refusing to...  Why Register?   Why Subscribe?     Subscriber
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