CGX Energy Files Second Quarter Financial Statements

(TSX-V | OYL) 
TORONTO, July 23, 2013 /CNW/ - CGX Energy Inc. (TSX-V - OYL) announced today 
the release of its unaudited consolidated financial results for the quarter 
ended June 30, 2013, together with its Management Discussion and Analysis. 
These documents will be posted on the Company's website at 
and SEDAR at 
Second Quarter 2013 Overview and Highlights 

    --  CGX Energy reported a net loss of loss of $8,548,852 or $0.13
        per share for the three month period ended June 30, 2013,
        compared with a net loss of $94,093,285 or $2.88 a share for
        the same period in 2012.
    --  Cost Cutting Initiatives:  With the exception of items relating
        to the special committee process that was undertaken and the
        change of control payments made due to the investment by
        Pacific Rubiales Energy Corp. ("Pacific Rubiales"), the
        Company's general and administration costs decreased in the
        second quarter due to a reduction in all non-essential
        purchases and travel. The Company will continue to evaluate
        further cost cutting initiatives and is determined to keep
        general and administrative costs at current or lower levels
        going forward. As at June 30, 2013, the Company's working
        capital increased to $13,361,347 from a working capital
        deficiency of $12,650,761 as at December 31, 2012.
    --  Private Placement Financing: On April 26, 2013, the Company
        closed a brokered private placement raising CDN $37,008,900 by
        issuing 37,008,900 post-consolidation units (the "Units") at a
        price of CDN $1.00 per Unit.  Each Unit was comprised of one
        post-consolidation common share in the capital of the Company
        and one post-consolidation common share purchase warrant. Each
        post-consolidation common share purchase warrant entitles the
        holder thereof to acquire one post-consolidation common share
        at any time until April 26, 2018 at an exercise price of CDN
        $1.70.  In connection with the private placement, the Company's
        board of directors and its senior management team have been
    --  Share Consolidation:  At the Company's Annual and Special
        Meeting of shareholders held on June 26, 2013, the shareholders
        approved a consolidation of its issued and outstanding common
        shares, warrants and options on a basis of 10 pre-consolidated
        shares, warrants or options for each post-consolidation share,
        warrant or option.  On July 11, 2013, the Company filed
        articles of amendment to complete this consolidation.
    --  Strategic Partners and New Initiatives:  As of March 19, 2013
        and effective December 31, 2012, an Independent Resources
        Evaluation was completed by DeGolyer and MacNaughton of Dallas,
        Texas, USA (the "D&M Report").  In the D&M Report, the total
        best estimate (P50) of Prospective Resources for six oil and
        gas prospects within the Corentyne PA are 779 MMbbl of oil, 743
        MMbbl of condensate, 6,943 Bcf of sales gas plus 696 billion
        cubic feet of solution gas.  The Company is now in the process
        of re-interpreting seismic data to define the next prospect to
        be drilled on the Corenytne PPL with the assistance of Pacific
        Rubiales and its technical staff.  In the short term, the
        Company will likely require additional equity financing and
        will seek to widen its shareholder base with a view to longer
        term farm-out transactions to enhance shareholder value.

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.


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

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.

Prospective Resources: 
Readers should give attention to the estimates of individual classes of 
resources and appreciate the differing probabilities of recovery associated 
with each class. Estimates of remaining recoverable resources (unrisked) 
include Prospective Resources that have not been adjusted for risk based on 
the chance of discovery or the chance of development and Contingent Resources 
that have not been adjusted for risk based on the chance of development. It 
is not an estimate of volumes that may be recovered. Actual recovery is 
likely to be less and may be substantially less or zero.

Prospective Resources are those quantities of petroleum estimated, as of a 
given date, to be potentially recoverable from undiscovered accumulations by 
application of future development projects. Prospective Resources have both 
an associated chance of discovery and a chance of development. Prospective 
Resources are further subdivided in accordance with the level of certainty 
associated with recoverable estimates, assuming their discovery and 
development, and may be sub-classified based on project maturity. There is 
no certainty that any portion of the resources will be discovered. If 
discovered, and they would be technically and economically viable to recover; 
there is no certainty that the Prospective Resource will be discovered. If 
discovered, there is no certainty that any discovery will be technically or 
economically viable to produce any portion of the resources.

SOURCE  CGX Energy Inc. 
Suresh Narine, Co-Chairman at (705) 933-8389 Michael 
Galego, General Counsel and Secretary at (416) 843-3858 
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CO: CGX Energy Inc.
ST: Ontario
-0- Jul/24/2013 02:43 GMT
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