CGX Energy Files Third Quarter Financial Statements

(TSX-V | OYL)

TORONTO, Oct. 24, 2013 /CNW/ - CGX Energy Inc. (TSXV: OYL) ("CGX Energy" or the "Company") announced today the release of its unaudited consolidated financial results for the quarter ended September 30, 2013, together with its Management Discussion and Analysis.  These documents will be posted on the Company's website at www.cgxenergy.com and SEDAR at www.sedar.com.

Third Quarter 2013 Overview and Highlights

CGX Energy reported a net gain of $10,220,761 or $0.13 per share for the three month period ended September 30, 2013, compared with a net loss of $4,250,877 or $ 0.11 a share for the same period in 2012. The increase from prior year is due to a non-cash gain as result of the revaluation of the Company's existing warrants.

During the third quarter, CGX Energy continued to focus on cost cutting initiatives and as a result the Company's general and administrative costs have decreased by $442,770 from $1,075,832 to $633,762. Excluding one-off items, management and consulting fees would have also decreased by approximately $150,000 for the three-month ended September 30, 2013. Overall, the Company expects its average monthly expenditures to be within the range of $300,000 - $350,000 per month during non-drilling periods.

The Company continues to actively pursue strategic joint venture partners for all three of its petroleum prospecting licenses in Guyana and has a technical data room open at its Houston office.

About CGX Energy

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of oil in the Guyana-Suriname Basin.

NEITHER THE 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.

Forward-Looking Statements:

This press release contains forward-looking statements. Forward-looking statements are 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 in the future. These forward-looking statements are based on certain key expectations and assumptions made by CGX. CGX believes the expectations and assumptions on which it develops forward-looking statements are reasonable; however, undue reliance should not be placed on forward-looking statements as there can be no assurance they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition, other risks that may affect the forward-looking statements in this press release are outlined further in the Company's Annual Information Form dated June 10, 2013 filed on SEDAR at www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof and CGX undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE: CGX Energy Inc.