CGX Energy Inc.
TSX VENTURE : OYL

CGX Energy Inc.

June 24, 2010 08:00 ET

CGX Announces Rig Contract Offshore Guyana

TORONTO, ONTARIO--(Marketwire - June 24, 2010) - CGX Energy Inc. (TSX VENTURE:OYL) is pleased to announce that the Atwood Beacon jack-up drilling rig has been contracted to drill a well on its Georgetown License, offshore Guyana. The Atwood Beacon (operated by Atwood Oceanics Pacific Limited) was awarded three separate contracts by an Operator Group for work offshore Suriname and Guyana. The three member Operator Group includes Repsol Exploración S.A, which is the operator of the Georgetown PPL in which CGX holds a 25% participating interest.

The contracts provide for a program consisting of four wells at an operating day rate of approximately US$115,000 and has a minimum duration of 210 days. The rig is expected to complete its current commitments offshore the Ivory Coast in September, when the rig will be mobilized to Suriname via Trinidad, with an expected mobilization period of approximately 30 days.

CGX is in discussions with Atwood Oceanics and the Operator Group to add a fifth well to the program for CGX's 100% owned and operated Corentyne PPL.

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana. CGX is managed by a team of experienced oil and gas and finance professionals from Canada, U.S.A. and the UK. CGX is financed internationally and has thousands of shareholders worldwide.

THIS PRESS RELEASE WAS PREPARED BY CGX ENERGY INC., WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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