CGX Energy Inc.
TSX VENTURE : OYL

CGX Energy Inc.

June 20, 2011 11:08 ET

CGX Files First Quarter Financial Results

TORONTO, ONTARIO--(Marketwire - June 20, 2011) - CGX Energy Inc. (TSX VENTURE:OYL) ("CGX" or the "Company") announces its results for the first quarter ended March 31, 2011 which results are presented for the first time in accordance with International Financial Reporting Standards ("IFRS") in Canadian dollars. CGX reports a loss for the first quarter 2011 of $1.7 million ($0.01) compared to a loss of $1.8 million ($0.01 per common share) for the first quarter 2010. As at March 31, 2011, CGX held cash and cash equivalents and short-term government T-Bills of $42.3 million.

CGX has filed on SEDAR amended unaudited consolidated interim financial statements for the three month period ended on March 31, 2011 (the "Interim Financial Statements"). The nature of the amendment to the Interim Financial Statements is to correct a clerical error that caused the statement of comprehensive loss on the Interim Financial Statements to be omitted from the original filing. The Interim Financial Statements and accompanying notes for the interim period ended March 31, 2011 and related management's discussion and analysis have been filed with the Canadian securities regulatory authorities. Copies of these disclosure documents may be obtained under the profile of CGX at www.sedar.com and on the Company's website at www.cgxenergy.com.

Kerry Sully, Chairman of CGX, stated: "Once the Atwood Beacon jack-up rig is released by Inpex from the well they are drilling in an adjoining license offshore Suriname, the rig will move to Guyana to drill the 6,500 metre Jaguar Turonian test in which CGX has a 25% working interest. This is a moment all shareholders have been waiting for, to test a prospect that CGX has developed with its partners over several years."

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.

Shares Outstanding: 193,628,663

Fully-Diluted: 205,473,663

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.

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