CGX Energy Provides Corporate Update

(TSX-V | OYL) 
TORONTO, Oct. 2, 2013 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or 
the "Company") is pleased to provide the following update on its activities 
relating to the continued exploration on the Company's Petroleum Prospecting 
Licenses ("PPLs") in Guyana. 
Joint Venture Initiatives 
CGX Energy continues to actively pursue strategic joint venture partners for 
all three of its PPLs and has a technical data room open at its Houston 
office. As part of the joint venture process, the Company is currently 
preparing to re-process a portion of its 3D seismic data set for the Corentyne 
Block, which should be completed by year-end. 
In addition, the Company has granted Repsol Exploracion, S.A. permission to 
acquire seismic data in portions of the Corentyne Block when acquiring a new 
3D seismic survey in the Kanuku Block during the fourth quarter of 2013. The 
data acquired in the Corentyne Block during this survey will be provided to 
the Company at no additional cost. 
Cost Cutting Initiatives 
During the third quarter, CGX Energy continued to focus on cost cutting 
initiatives in order to reduce the size of the Company to better reflect 
current operations. As a result of these initiatives, the Company's general 
and administrative costs have decreased by approximately 30% on a per month 
basis, since April, 2013. 
Share Consolidation 
On July 9, 2013, the Company completed the consolidation of its issued and 
outstanding common shares (the "Common Shares"). The Common Shares were 
consolidated on the basis of 10 pre-consolidation shares for each 
post-consolidation share. 
Dewi Jones, Chief Executive Officer of the Company, commented: 
"CGX Energy is undergoing a transformation in preparation for the next stages 
of exploration in Guyana. By leveraging the technical expertise of Pacific 
Rubiales in Latin America, we believe that we can secure new joint venture 
partners to develop our extensive offshore acreage. With our lower costs and 
improved capital structure, the Company is well positioned for the future. 
We are excited about the progress we have made thus far and look to end the 
year stronger than when we entered into 2013." 
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 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 June 10, 2013 filed on SEDAR at 
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. 
Suresh Narine, Co-Chairman at (705) 933-8389 Michael 
Galego, General Counsel and Secretary at (416) 843-3858 
To view this news release in HTML formatting, please use the following URL: 
CO: CGX Energy Inc.
ST: Ontario 
-0- Oct/02/2013 21:00 GMT
Press spacebar to pause and continue. Press esc to stop.