UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 28, 2003
Coastal Caribbean Oils & Minerals, Ltd.
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(Exact name of registrant as specified in its charter)
Bermuda 1-4668 NONE
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State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Clarendon House, Church Street, Hamilton HM DX, BERMUDA NONE
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (441) 295-1422
N/A
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(Former name or former address, if changed since last report.)
This is page 1 of 6.
FORM 8-K
COASTAL CARIBBEAN OILS & MINERALS, LTD.
Item 4. Changes in Registrant's Certifying Accountant
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Previous Independent Accountants
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On May 28, 2003, Ernst & Young LLP ("Ernst & Young") resigned as
Coastal Caribbean Oils & Minerals, Ltd.'s (the "Company") independent public
accountants. Ernst & Young's decision to resign was not recommended or approved
by the Company's Board of Directors or any committee thereof.
Ernst & Young's reports on the Company's consolidated financial
statements for each of the Company's fiscal years ended December 31, 2002 and
December 31, 2001 did not contain an adverse opinion or disclaimer of opinion,
nor were they qualified or modified as to uncertainty, audit scope or accounting
principles.
During the fiscal years ended December 31, 2002 and December 31, 2001
and through May 28, 2003, there were no disagreements with Ernst & Young on any
matter of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure which, if not resolved to Ernst & Young's
satisfaction, would have caused Ernst & Young to make reference to the subject
matter in connection with their report on the Company's consolidated financial
statements for such years; and there were no reportable events as defined in
Item 304(a)(1)(v) of the Regulation S-K.
The Company provided Ernst & Young with a copy of the foregoing
disclosures. Attached as Exhibit 16 is a copy of Ernst & Young's letter, dated
June 2, 2003, stating its agreement with such statements.
New Independent Accountants
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As of the date of this current report, the Company has not retained a
new independent accountant. The Company is actively considering proposals of
accounting firms to serve as the Company's new independent accountants.
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Item 7. Financial Statements and Exhibits
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(c) Exhibits.
Exhibit No. Exhibit
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16 Letter from Ernst & Young LLP to the
Securities and Exchange Commission dated
June 2, 2003.
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FORM 8-K
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
COASTAL CARIBBEAN OILS &
MINERALS, LTD.
(Registrant)
By: /s/ Daniel W. Sharp
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Daniel W. Sharp
Treasurer and Chief Accounting and
Financial Officer
Date: June 2, 2003
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EXHIBIT INDEX
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Exhibit No. Description Page No.
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16 Letter from Ernst & Young LLP to SEC dated 6
June 2, 2003
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