CGX Energy Inc.
TSX VENTURE : OYL.U

CGX Energy Inc.

July 25, 2005 08:52 ET

CGX Energy Inc.: Hermitage Well Abandoned-Gas Shows Encouraging... Albion Next

TORONTO, ONTARIO--(CCNMatthews - July 25, 2005) - CGX Energy Inc. (TSX VENTURE:OYL.U) and its 62% Guyanese subsidiary ON Energy Inc. ("ON") report that its Hermitage well, located onshore Guyana, was drilled to a depth of 6,337 feet. The well encountered significant gas shows in the lower section of the hole, however after evaluating the petrophysical well logs, a decision was made on Sunday morning to abandon the well due to poor reservoir rock quality and modest thickness of reservoir. This was the second well of the current drill program. During the next week, the well will be abandoned, and the drill equipment moved to Albion, our best defined prospect with a target depth of approximately 6,200 feet.

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.

Shares Outstanding: 95,255,913

Fully-Diluted: 109,047,413

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
    www.cgxenergy.com