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TORONTO, ONTARIO--(Marketwire - Sept. 29, 2011) - CGX Energy Inc. (TSX
VENTURE:OYL) ("CGX" or the
"Company") is pleased to announce that the Government of
Guyana has stated it will grant an extension to the deadline for
drilling of the Jaguar-1 well offshore Guyana to the parties to the
Georgetown Petroleum Prospecting Licence (the
"Georgetown PPL"), including CGX Resources Inc, a wholly owned subsidiary of CGX Energy Inc..
The parties to the Georgetown PPL are Repsol Exploracion S.A (15%) ("Repsol"),
being the operator, along with YPF Guyana Limited (30%), Tullow Guyana BV (30%) and CGX Resources Inc.
(25%). The basis for the extension was that the Atwood Beacon jack-up
rig that will drill the Jaguar-1 well has been significantly delayed
while drilling offshore Suriname.
Stephen Hermeston, President and CEO of CGX
stated, "We are very pleased to have received the formal
commitment of an extension to drill the Jaguar-1 well. Personnel and
equipment are already in Guyana and 95% of the contracts are in place.
We are looking forward to the release of the Atwood Beacon rig so
operations offshore can commence."
CGX Energy is a Canadian-based oil and gas exploration company focused
on the exploration for oil in the Guyana / Suriname Basin, an area that
is ranked second in the world for oil and gas prospectivity
by the United States Geological Service. CGX is managed by a team of
experienced oil and gas and finance professionals from Canada, the US
and the UK.
Forward-Looking Statements:
This news release contains certain "forward-looking
information" within the meaning of applicable securities law
including statements regarding the expectations for satisfying the
drilling requirements of the Georgetown PPL. Forward looking
information is frequently characterized by words such as
"plan", "expect", "project",
"intend", "believe", "anticipate",
"estimate", "may", "will",
"would", "potential", "proposed" and
other similar words, or statements that certain events or conditions
"may" or "will" occur. These statements are only
predictions. Forward-looking information is based on the opinions and
estimates of management at the date the information is provided, and is
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 information. Such risks and
uncertainties include, but are not limited to, the risk that the
parties to the Georgetown PPL will not be able to satisfy the
requirements of the Georgetown PPL prior to the new deadline, the
inherent risks involved in the exploration and development of oil and
natural gas properties and the possibility of unanticipated costs and
expenses. For a description of the risks and uncertainties facing CGX
and its business and affairs, readers should refer to CGX's Annual
Information Form for the year ended December 31, 2010 and subsequent
Management's Discussion and Analysis. CGX undertakes no obligation to
update forward-looking statements if circumstances or management's
estimates or opinions should change, unless required by law. The reader
is cautioned not to place undue reliance on forward-looking statements.
Trading Symbol OYL Shares Outstanding 194,778,663 Fully Diluted 210,228,663
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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