CGX Energy Responds to Media Reports relating to Drilling Results in Guyana and Provides Operational Update

(TSX-V | OYL)

TORONTO, May 7, 2015 /CNW/ - CGX Energy Inc. ("CGX Energy" or the "Company") today provided an operational update on its exploration assets in Guyana. 

Recent Drilling Results in Guyana

Today there have been various media reports in Guyana with respect to a possible discovery by Exxon in the Stabroek Block, offshore Guyana. The Stabroek Block is immediately adjacent to the Company's 100% owned Corentyne Block, offshore Guyana.

While the Company has a policy of not commenting on market rumours or media speculation, we are encouraged by the public comments made by Minister Persaud in this regard and look forward to hearing official results from Exxon and its partners.

Airborne Survey completion

CGX Energy is pleased to announce it has completed a 3,005 kilometer airborne survey on January 18, 2015.  This exceeds the required commitment under the terms of the new Berbice petroleum agreement ("PA") and petroleum prospecting licence ("PPL") which was granted by the Government of Guyana to ON Energy Inc. ("ON Energy"), a 62% owned subsidiary of the Company, in February 2013.  Pursuant to the new Berbice PA, covering 3,295 km², the Company has an obligation during the initial period of four years to conduct an airborne survey comprising a minimum of 1,000 kilometers and to either conduct a 2D seismic survey comprising a minimum of 100 kilometers or commence to drill one exploration well. The Berbice PPL is 62% owned by the Company.

Demerara Block

In September 2014, the Company entered into a seismic contract with Prospector PTE Ltd. to conduct a 3,116.74 km² 3D seismic survey on the Company's 100% owned Demerara block as part of its commitments under the Demerara PA and PPL. This survey was completed on-time and on-budget in December 2014. 

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 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 April 29, 2015 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.

Related Links

http://www.cgxenergy.com