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CGX Files First Quarter Financial Results
Published : June 20, 2011
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Keywords :   Canada | Market | Oil | Suriname |

TORONTO, ONTARIO--(Marketwire - June 20, 2011) - CGX Energy Inc. (News - Market indicators) ("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.

CGX Energy Inc.
Kerry Sully
Chairman
(604) 733-9647
ksully@cgxenergy.com
or
CGX Energy Inc.
Stephen Hermeston
President and CEO
(281) 644-0139
shermeston@cgxenergy.com
or
CGX Energy Inc.
James Fairbairn
CFO
(416) 364-0541
jfairbairn@cgxenergy.com
or
CGX Energy Inc.
Charlotte May
Investor Relations
(416) 364-3353
cmay@cgxenergy.com
Data and Statistics for these countries : Canada | Suriname | All
Gold and Silver Prices for these countries : Canada | Suriname | All

CGX Energy Inc

CODE : OYL.V
ISIN : CA1254055066
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CGX is an exploration company based in .

CGX holds various exploration projects in Guyana.

Its main exploration property is JAGUAR-1 in Guyana.

CGX is listed in Canada and in United States of America. Its market capitalisation is CA$ 78.4 millions as of today (US$ 59.7 millions, € 53.4 millions).

Its stock quote reached its highest recent level on March 11, 2011 at CA$ 9.80, and its lowest recent point on December 08, 2017 at CA$ 0.06.

CGX has 110 390 000 shares outstanding.

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