CGX Energy Inc.

CGX Energy Inc.

January 10, 2005 11:43 ET

CGX Energy Inc.:Drilling Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CGX ENERGY INC.

TSX VENTURE SYMBOL: OYL.U

JANUARY 10, 2005 - 11:43 ET

CGX Energy Inc.:Drilling Update

TORONTO, ONTARIO--(CCNMatthews - Jan. 10, 2005) - ON Energy Inc., the
operating subsidiary of CGX Energy Inc. (TSX VENTURE:OYL.U) onshore
Guyana, has informed CGX that the release of the rig contracted to ON
has been re-scheduled. The Trinidadian drilling contractor has advised
ON Energy that an option has been exercised to drill another well in
Trinidad. Following completion of this well, expected within 6 to 8
weeks, the rig will be released to ON Energy.

Warren Workman the President of ON Energy in a statement said, "ON
Energy's drilling operations in Guyana are ready for the start of
drilling on delivery of the rig. Due to the lack of qualified equipment
in the region, we view the re-scheduling of the release of the rig from
Trinidad to be a modest change in our onshore exploration schedule."

CGX Energy Inc. (TSX VENTURE:OYL.U) is a Canadian-based oil and gas
exploration company focused on the exploration for oil in the Guyana
basin and is actively looking at other international opportunities. 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

Shares Outstanding:80,700,595

Fully-Diluted:93,039,913

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    CGX Energy Inc.
    Kerry Sully
    President & CEO
    (604) 733-9647
    or
    CGX Energy Inc.
    Charlotte May
    Investor Relations
    (416) 364-3353
    or
    CGX Energy Inc.
    Denis Clement
    Director
    (416) 364-1909
    www.cgxenergy.com