CGX Energy Inc.
TSX VENTURE : OYL

CGX Energy Inc.

September 12, 2011 08:00 ET

CGX Appoints Chief Operating Officer and Controller/Chief Accounting Officer

TORONTO, ONTARIO--(Marketwire - Sept. 12, 2011) - CGX Energy Inc. (TSX VENTURE:OYL) ("CGX" or the "Company") announces that in anticipation of commencing operations offshore Guyana the Company has appointed two key operations positions. Michael Stockinger, an E&P professional with 35 years experience in drilling operations and fast tracking production, has been appointed Chief Operating Officer of the Company and Tralisa Maraj, an oil and gas accountant with over 15 years experience gained in the international oil industry and public company accounting, has been appointed Controller and Chief Accounting Officer.

Michael Stockinger has managed drilling operations for several major E&P companies including Murphy Oil, Anadarko Petroleum Corporation, Kerr McGee Corporation and Conoco Inc. Most recently, Michael was the Project Manager for Murphy Oil's offshore exploration in Suriname and Australia and Drilling Manager for Remora Energy Management in Colombia. Michael obtained his Bachelor of Civil Engineering in 1974 and commenced his career in the oil industry as a Drilling Engineer with Texaco which was followed by senior operations positions with Conoco Inc. over the next 20 years. In 1995, he joined Kerr McGee Corporation as Drilling Manager / Regional Manager for Gulf of Mexico operations and was promoted to Vice President, Drilling responsible for offshore operations in the Gulf of Mexico and internationally as well as overseeing onshore operations culminating in being responsible for a smooth transition when Anadarko acquired Kerr McGee in 2006. Tralisa Maraj has a strong accounting and management background having worked in the international E&P business for Remora Energy Management and having led and supervised teams of professionals in the audit of a number of US and foreign oil and gas public companies on behalf of PriceWaterhouseCoopers. Tralisa is a Certified Public Accountant (CPA) licensed in Texas and a Chartered Certified Accountant (FCCA) licensed in the UK.

Steve Hermeston, President & CEO commented, "Our ability to attract Michael and Tralisa to CGX Energy is a testament to the exciting operations that we will be commencing offshore Guyana in the near future when we begin drilling our world-class exploration prospects. Both of these individuals bring extensive operations related experience to the team; in particular, Michael's experience drilling offshore Suriname on behalf of Murphy Oil will be extremely valuable to CGX."

Michael Stockinger stated, "I am excited to join the CGX team and look forward to working with CGX's partners on the Jaguar-1 well and to undertaking the drilling operations on the Eagle-1 well." Tralisa Maraj also commented, "I am looking forward to joining CGX's dynamic team and a Company with such great potential."

Michael Stockinger has been granted 500,000 options and Tralisa Maraj has been granted 300,000 options. The options are exercisable at $0.80 until September 12, 2016 with 200,000 of those options vesting immediately and the balance of 600,000 options vesting September 12, 2012.

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration for 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 Canada, the US and the UK.

Trading Symbol OYL
Shares Outstanding 194,778,663
Fully Diluted 210,228,663

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