CGX Energy Inc.

CGX Energy Inc.

December 08, 2009 14:40 ET

CGX Energy Opens Data Room

TORONTO, ONTARIO--(Marketwire - Dec. 8, 2009) - CGX Energy Inc. (TSX VENTURE:OYL) ("CGX" or the "Company") is pleased to announce that it has opened a data room to initiate a Joint Venture Opportunity to participate with the Company in drilling offshore Guyana. On November 21, 2009, CGX announced it was scheduled to drill on its 100% Corentyne PPL during the second half of 2010. To assist in marketing and soliciting joint venture proposals, Jefferies Randall & Dewey, a division of Jefferies & Company, Inc., has been retained as CGX's advisor, although there is no assurance that this process will result in any agreements or transactions.

Warren Workman, Vice President of Exploration for CGX stated:

"The data room will provide potential joint venture partners sufficient information to assess the opportunity to gain a significant position in the Guyana-Suriname Basin, which offers world class, multi-billion barrel exploration potential. The 2,344 square kilometers of 3D seismic that was acquired and processed in 2008-2009 has confirmed a drill-ready, multiple-target prospect close to our former Eagle well location. The geophysical data has been processed in time and depth using multiple processors, and includes pre-stack inversion and AVO studies. The new seismic processing and interpretation strengthens the definition of the existing prospects and adds significant new information to our understanding of the prospects and multiple geological targets."

In other news, Kerry Sully, President & CEO of CGX is presenting today at Energy Caribbean 2009, an IBC Energy Conference. A copy of his presentation has been posted to the CGX website.

The Company also wishes to correct date information that was included in a press release issued by CGX on November 3, 2009 which indicated that Mr. Clarke had been granted options to purchase shares and that the options had an expiry date of October 31, 2012. The correct date is October 31, 2014.

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 includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are 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 statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of CGX Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of CGX Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of CGX Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by CGX Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of CGX Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources described will e discovered and can be profitably produced in the future.

Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained in this press release or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.


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