CGX Energy Inc.
TSX VENTURE : OYL.U

CGX Energy Inc.

June 30, 2005 11:23 ET

CGX Energy Inc.: Drilling of Hermitage Well has Commenced

TORONTO, ONTARIO--(CCNMatthews - June 30, 2005) - CGX Energy Inc. (TSX VENTURE:OYL.U) and its Guyanese subsidiary ON Energy Inc. ("ON") are pleased to report that drilling of the Hermitage well has commenced. The Hermitage well is located onshore Guyana and is the second and deepest well in a four well program. The well is proposed to be drilled to a depth of approximately 6,200 feet with targets in the Eocene, Paleocene and Cretaceous. The Company will report the results when drilling is completed.

Warren Workman, President of ON Energy stated "This well is third ranked of our remaining locations and is being drilled at this time to minimize surface access problems during the remainder of the rainy season in Guyana"

The Company also announces that it has granted, pursuant to its stock option plan, to directors, management and consultants of the Company an aggregate of 950,000 stock options in replacement of same that expired on May 23, 2005. The Company has also granted 100,000 options to a consultant working on the onshore drilling program. Each such stock option entitles the holder to purchase one common share of the Company at a price of US$0.70 until June 30, 2010.

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.

Shares Outstanding: 95,255,913

Fully-Diluted: 109,047,413


THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • 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
    at www.cgxenergy.com