CGX Energy Inc.
TSX VENTURE : OYL

CGX Energy Inc.

January 23, 2012 08:00 ET

CGX 3D Seismic Program on Corentyne License Completed

TORONTO, ONTARIO--(Marketwire - Jan. 23, 2012) - CGX Energy Inc. (TSX VENTURE:OYL) ("CGX" or the "Company") is pleased to announce that the 1,160 square kilometre 3D marine seismic contract that was announced on December 5, 2011 has been completed. The seismic acquisition was performed by the PGS Ramform Challenger, a state-of-the-art seismic ship owned by a subsidiary of Petroleum Geo-Services (PGS). PGS used their dual-sensor GeoStreamer® technology, which was instrumental in delivering high quality data.

Stephen Hermeston, President and CEO stated, "This 3D seismic contract was completed ahead of schedule and was under budget. We are very pleased with the proficiency and technology utilized by PGS in acquiring this 3D seismic data on our behalf. The seismic data is expected to provide better imaging of the up-dip limits of the Eagle Deep stratigraphic play at the Turonian and Campanian and has provided us with the first 3D seismic coverage on our two early Cretaceous, Albian prospects (Crabwood and Kabukalli) which are underlying the Company's 100% owned Corentyne offshore Petroleum Prospecting License (PPL). Fast track processing and interpretation of the data will commence on the Albian prospects and will be followed by processing, interpretation and compilation of the Eagle deep Turonian and Campanian prospects. CGX would like to thank the Guyana Geology and Mines Commission and the Ministries and related Agencies of the Government of Guyana for their cooperation in fast-tracking this seismic acquisition program and PGS for their outstanding contract performance."

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin, an area that is ranked second in the world for oil and gas prospectivity by the United States Geological Service. CGX is managed by a team of experienced oil and gas and finance professionals from Guyana, Canada, the United States and the United Kingdom.

Forward-Looking Statements:

This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to, the inherent risks involved in the exploration and development of oil and natural gas properties and the possibility of unanticipated costs and expenses. For a description of the risks and uncertainties facing CGX and its business and affairs, readers should refer to CGX's Annual Information Form for the year ended December 31, 2010 and subsequent Management's Discussion and Analysis. CGX undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

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