CGX Energy Provides Operational Update

(TSX-V | OYL)

TORONTO, Aug. 18, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or the "Company") today provided an operational update on its exploration assets in Guyana.

Helicopter services contract

CGX Energy is pleased to announce that it has entered into a definitive agreement for the provision of helicopter services for use in the drilling of its first commitment well on its Corentyne Block scheduled to be spudded before October 31, 2015.  Under the terms of the agreement, the Company has procured the services of Bristow Helicopters (International) Limited, a corporation organized and acting under the laws of England and having its registered office in England.

Shallow Hazard survey completion

Additionally, CGX has completed a shallow hazard survey in order to acquire seabed conditions and drilling hazard information surrounding the location of its first commitment well on the Corentyne Block.  The survey, performed by the M/V Sea Surveyor of Guardline Marine Sciences (South America) Ltd., comprised an area of 3.5km x 4.5km.  Soil boring samples will be taken in October 2014 to predict leg penetration for the HAKURYU-12 jack-up drilling rig.        

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.

About Bristow:

Bristow Group Inc., based in Houston, Texas, is the leading provider of helicopter services to the worldwide offshore energy industry based on the number of aircraft operated, and one of two helicopter service providers to the offshore energy industry with global operations. Bristow has proudly served the offshore oil transport industry in major exploration and production arenas for more than 50 years and has been responsible for many industry-leading technological innovations.

Bristow currently has major helicopter transportation operations in the North Sea, Nigeria and the U.S. Gulf of Mexico, and in most of the other major offshore oil and gas producing regions of the world, including Australia, Brazil, Canada, Mexico, Russia and Trinidad.

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 news 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 Energy. CGX Energy 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 news release are outlined further in the Company's Annual Information Form dated March 5, 2014 filed on SEDAR at www.sedar.com.

The forward-looking statements contained in this news release are made as of the date hereof and CGX Energy 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.