Costilla Energy Notified of Nasdaq De-listing; Company Will Seek Quotation on OTC Bulletin Board

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Costilla Energy Notified of Nasdaq De-listing; Company Will Seek Quotation on OTC Bulletin Board

    MIDLAND, Texas, Aug. 16 /PRNewswire/ -- Costilla Energy, Inc.
(Nasdaq: COSE) reported today that it has received notice from Nasdaq that its
common stock would no longer be listed on the Nasdaq National Market effective
with the close of business on August 16, 1999.  Nasdaq attributed the
de-listing decision to the Company's inability to satisfy continued listing
standards by maintaining $4 million of net tangible assets, a minimum bid
price of $1.00 per share of common stock, and a market value of public float
of at least $5 million.
    The Company intends to seek quotation of its common stock on the OTC
Bulletin Board as soon as possible.
    Costilla Energy, Inc. is an independent oil and gas company with
operations primarily in the Gulf Coast region of South Texas and the Permian
Basin of West Texas and Southeastern New Mexico.  Additional information about
Costilla is available on the Internet at http://www.costillaenergy.com.
    Certain statements in this news release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995.  Such forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual results,
performance, or achievements of Costilla Energy, Inc. to be materially
different from any future results, performance, or achievements expressed or
implied by such forward-looking statements.  Such factors include, among
others, the following: the volatility of oil and gas prices; the Company's
ability to replace its oil and gas reserves; the availability of capital
resources; the reliance upon estimates of proved reserves; operating hazards
and uninsured risks; competition; government regulation; and the ability of
the Company to implement its business strategy.  Additional information is
available in the Company's filings with the Securities and Exchange
Commission, which are incorporated by this reference as though fully set forth
herein.

SOURCE Costilla Energy, Inc.

http://www.costillaenergy.com
Company News On-Call:

http://www.prnewswire.com/comp/126873.html or fax,
800-758-5804, ext. 126873
CONTACT:
Guy McCrary, Manager, Investor Relations of
Costilla Energy, Inc., 915-683-3092