(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.
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
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.
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.
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 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
SOURCE CGX Energy Inc.
Suresh Narine, Co-Chairman at (705) 933-8389 email@example.com Michael
Galego, General Counsel and Secretary at (416) 843-3858
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CO: CGX Energy Inc.
-0- Oct/02/2013 21:00 GMT
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