CGX Energy Inc. - Annual & Special Meeting Results of ON Energy Inc.

(TSX-V | OYL)

TORONTO, Aug. 23, 2013 /CNW/ - CGX Energy Inc.'s (TSXV: OYL) subsidiary, ON Energy Inc., a corporation incorporated in Guyana and in which CGX Energy holds a 62% equity interest, held its annual and special meeting of shareholders on August 21, 2013. Dr. Suresh Narine, Mr. Dewi Jones, Ms. Tralisa Maraj, Mr. Michael Galego, Mr. Edward Beharry and Mr. John Lewis, the six nominees proposed as directors and listed in ON Energy's management information circular dated July 26, 2013 were elected as directors.  ON Energy's audited financial statements for the fiscal year ended December 31, 2012 were approved and TSD Lal & Co. (an independent correspondent firm of Deloitte Touche Tohmatsu) were appointed as auditors of ON Energy for the ensuing year. ON Energy's stock option plan reserving up to 10% of the issued and outstanding shares of the company was also approved by ON Energy shareholders. 

CGX Energy also announces the granting of incentive stock options to purchase 6,775,000 common shares of the Company to existing and newly appointed directors and officers of the Company, subject to regulatory approval. The stock options were granted on August 19, 2013 pursuant to the Company's stock option plan and are exercisable at a price of $0.69 per share, set to expire on August 19, 2018.

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.