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TORONTO, ONTARIO--(Marketwire - May 17, 2011) - CGX Energy Inc. (TSX
VENTURE:OYL) ("CGX" or the "Company") is pleased to
announce that Steve Hermeston will be joining
CGX as President and CEO effective June 13, 2011, and Kerry Sully will
be appointed Executive Chairman of the Company at that time. Steve Hermeston has been appointed to the Company's board
of directors effective May 17, 2011.
Steve has had an impressive 30-year career in the international E&P
industry. In addition to having led oil and gas exploration teams at
several major E&P companies, his analysis has led to discoveries
that include High Island A-22 (150 bcf in the
Gulf of Mexico), Peregrino (250 to 650 mmbbl in Brazil) and the Llanos basins (five fields
in Colombia totalling up to 50 mmbbl). Steve is an active professional and is well
respected for his publications and presentations. Steve graduated from
the University of South Florida and is currently undertaking masters studies in structural geology in the Czech
Republic. Born in Canada, he spent his early years in the Toronto area
and in the 1990s worked in Edmonton with Chieftain International. Steve
will be based in Houston, a gateway to the oil and gas industry in
South America.
Kerry Sully commented, "From my first meeting with Steve, I knew
we'd found our new president. He has a history of success in oil and
gas exploration and new business development in the Guyana/Suriname
basin, South America, North and West Africa, the offshore Gulf of
Mexico and other major international areas. Steve is a first-rate
geologist with a strong resume of technical and project management
achievements and an impressive group of industry contacts
worldwide-exactly the skills our team needs for the exciting year ahead
as we drill our prospects offshore Guyana." In terms of how he and
Steve will work together to advance CGX's position, Kerry added,
"I'll continue to be involved in all aspects of liaison with the
Government of Guyana and dealing with the investment community,
including corporate finance. Steve will put his many
strengths to work directing the technical aspects of our
operations and leading us forward with new opportunities."
"I am extremely pleased to join the CGX team that has worked
closely with the Government of Guyana on its licences
and has interpreted and developed a number of highly prospective
targets on its acreage. CGX's position in Guyana represents an
unprecedented opportunity to explore for giant oil accumulations off
the Equatorial Margin of South America, in a mirror-image setting to
discoveries offshore West Africa, such as the billion barrel Jubilee
field offshore Ghana. The recent and continuing success of other
companies in the Equatorial Margin, including our partners Repsol and Tullow in the
Jaguar prospect, speaks to the exciting potential of our portfolio and
play concepts", said Steve, who added, "I'm very familiar
with the Guyana/Suriname Basin where I completed extensive regional
modeling of the same formations CGX has identified. Jaguar will test a Turonian basin-floor fan this summer on its
Georgetown Licence. On its Corentyne Licence, Eagle
may be drilled shallow to test an Eocene fan or with the right
combination of joint venture partner and/or financing, drilled deep to
test stacked Eocene, Maastrichtian, Campanian and Turonian
leads and prospects. Current drilling by Inpex
offshore Suriname may open an Albian/Aptian fairway that extends west to four leads CGX
has mapped. CGX is uniquely and strategically positioned to capitalize
on the ongoing drilling in the Guyana/Surinam basin and to lever any
early encouragement or success into our portfolio evaluation."
Steve Hermeston has been granted 750,000
options exercisable at $0.63 until May 17, 2016.
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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