Previous Independent Accountants

          On August 18, 2005 James Moore & Co., P.L. (“James Moore”) resigned as Coastal Carribean Oils & Minerals, Ltd.’s (the “Company”) independent auditors. James Moore’s decision to resign was not recommended or approved by the Company’s board of directors or any committee thereof.

          The reports of James Moore on the Company’s consolidated financial statements for the past two fiscal years did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to audit scope or accounting principles, but did contain an explanatory paragraph for an uncertainty regarding the Company’s ability to continue as a going concern.

          In connection with the audits of the Company’s financial statements for the past two fiscal years ended December 31, 2004 and in the subsequent interim periods, there were no disagreements with James Moore on any matter of accounting principles or practices, financial statement disclosure, or auditing scope and procedures which, if not resolved to James Moore’s satisfaction, would have caused James Moore to make reference to the matter in their report. There were no “reportable events” as that term is described in Item 304(a)(1)(v) of Regulation S-K. The Company has requested James Moore to furnish it a letter addressed to the Commission stating whether it agrees with the above statements. A copy of the letter, dated August 18, 2005 is filed as Exhibit 16 to this Form 8-K.

          The Company has retained James Moore to provide the Company and it Subsidiary with ongoing accounting and tax services

          New Independent Accountants

          On August 18, 2005, Baumann, Raymondo & Company, P.A. (“New Accountant”) was retained as the Company’s independent auditors. Baumann, Raymondo & Company, P.A. is registered with the Public Company Accounting Oversight Board (“PCAOB”), and is located in Tampa, Florida.

          During the Company’s two most recent fiscal years and the subsequent interim period(s) prior to engaging the New Accountant, neither the Company nor anyone acting on behalf of the Company consulted the New Accountant regarding (i) either (a) the application of accounting principles to a specified transaction, either completed or proposed, or (b) the type of audit opinion that might be rendered on the Company’s financial statements; or (ii) any matter that was either the subject of a disagreement (as defined in paragraph 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K) or a reportable event (as described in paragraph 304(A)(1)(v) of Regulation S-K). In addition, during the Company’s two most recent fiscal years and the subsequent interim period(s) prior to engaging the New Accountant, no written report was provided by the New Accountant to the Company and no oral advice was provided that the New Accountant concluded was an important factor considered by the Corporation in reaching a decision as to any accounting, auditing, or financial reporting issue.