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FM
Former Member
CGX 3D Seismic Program on Corentyne License Completed

Press Release
Jan. 23, 2012, 8:03 a.m. EST
Source - Market Watch

TORONTO, ONTARIO, Jan 23, 2012 (MARKETWIRE via COMTEX) -- CGX Energy Inc. CA:OYL -3.03% ("CGX" or the "Company") is pleased to announce that the 1,160 square kilometre 3D marine seismic contract that was announced on December 5, 2011 has been completed. The seismic acquisition was performed by the PGS Ramform Challenger, a state-of-the-art seismic ship owned by a subsidiary of Petroleum Geo-Services (PGS). PGS used their dual-sensor GeoStreamer(R) technology, which was instrumental in delivering high quality data.

Stephen Hermeston, President and CEO stated, "This 3D seismic contract was completed ahead of schedule and was under budget. We are very pleased with the proficiency and technology utilized by PGS in acquiring this 3D seismic data on our behalf. The seismic data is expected to provide better imaging of the up-dip limits of the Eagle Deep stratigraphic play at the Turonian and Campanian and has provided us with the first 3D seismic coverage on our two early Cretaceous, Albian prospects (Crabwood and Kabukalli) which are underlying the Company's 100% owned Corentyne offshore Petroleum Prospecting License (PPL). Fast track processing and interpretation of the data will commence on the Albian prospects and will be followed by processing, interpretation and compilation of the Eagle deep Turonian and Campanian prospects. CGX would like to thank the Guyana Geology and Mines Commission and the Ministries and related Agencies of the Government of Guyana for their cooperation in fast-tracking this seismic acquisition program and PGS for their outstanding contract performance."

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration of 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 Guyana, Canada, the United States and the United Kingdom.

Forward-Looking Statements:

This news release contains certain "forward-looking information" within the meaning of applicable securities law. 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 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.

Shares Outstanding 326,223,663
Fully Diluted 343,898,663

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.

Contacts:

CGX Energy Inc.
Kerry Sully
Chairman
(604) 733-9647
ksully@cgxenergy.com

CGX Energy Inc.
Stephen Hermeston
President and CEO
(281) 644-0139
shermeston@cgxenergy.com

CGX Energy Inc.
Charlotte May
Communications Manager
(416) 364-3353
cmay@cgxenergy.com

SOURCE: CGX Energy Inc.

mailto:ksully@cgxenergy.com
mailto:shermeston@cgxenergy.com
mailto:cmay@cgxenergy.com

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CGX completes 3D seismic program on Guyana license

Sheldon Cooper
Published 23 January 2012
Source

Canadian oil and gas explorer CGX Energy has completed a 3D marine seismic program on the Corentyne license, offshore Guyana.

The 1,160 square kilometre seismic acquisition program was performed by the PGS Ramform Challenger seismic ship owned by a unit of Petroleum Geo-Services (PGS).

CGX president and CEO Stephen Hermeston said the seismic data is expected to provide better imaging of the up-dip limits of the Eagle Deep stratigraphic play at the Turonian and Campanian, and has provided the company with the first 3D seismic coverage on its two early Cretaceous, Albian prospects (Crabwood and Kabukalli).

"Fast track processing and interpretation of the data will commence on the Albian prospects and will be followed by processing, interpretation and compilation of the Eagle deep Turonian and Campanian prospects," Hermeston said.
FM
quote:
Originally posted by Nuff:
Lots of big fancy words ... still no oil found.


Nuffie bwoy--you, Granger, Trotman and all PNC supporters must be praying overtime for CGX to fail in their effort to find oil in commercial quantities in Guyana.

OIL DISCOVERY = GREAT NEWS FOR GUYANA BUT BAD NEWS FOR THE PNC(trotman, granger, nuffie, etc)

Rev
FM
quote:
Originally posted by Rev Al:
quote:
Originally posted by Nuff:
Lots of big fancy words ... still no oil found.


Nuffie bwoy--you, Granger, Trotman and all PNC supporters must be praying overtime for CGX to fail in their effort to find oil in commercial quantities in Guyana.

OIL DISCOVERY = GREAT NEWS FOR GUYANA BUT BAD NEWS FOR THE PNC(trotman, granger, nuffie, etc)

Rev


Al, nuff is a typical PNC fan boy. They do not support progress and economic prosperity in Guyana.

They prefer to see Guyana among the top ten poorest countries in the world, currently held by African countries ruled by African dictators who are power hungry like his PNC buddies.
FM

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