(TSX-V | OYL)
TORONTO, Oct. 24, 2013 /CNW/ - CGX Energy Inc. (TSXV: OYL) ("CGX Energy" or
the "Company") announced today the release of its unaudited consolidated
financial results for the quarter ended September 30, 2013, together with its
Management Discussion and Analysis. These documents will be posted on the
Company's website at www.cgxenergy.com and SEDAR at www.sedar.com.
Third Quarter 2013 Overview and Highlights
CGX Energy reported a net gain of $10,220,761 or $0.13 per share for the three
month period ended September 30, 2013, compared with a net loss of $4,250,877
or $ 0.11 a share for the same period in 2012. The increase from prior year is
due to a non-cash gain as result of the revaluation of the Company's existing
During the third quarter, CGX Energy continued to focus on cost cutting
initiatives and as a result the Company's general and administrative costs
have decreased by $442,770 from $1,075,832 to $633,762. Excluding one-off
items, management and consulting fees would have also decreased by
approximately $150,000 for the three-month ended September 30, 2013. Overall,
the Company expects its average monthly expenditures to be within the range of
$300,000 - $350,000 per month during non-drilling periods.
The Company continues to actively pursue strategic joint venture partners for
all three of its petroleum prospecting licenses in Guyana and has a technical
data room open at its Houston office.
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 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 www.sedar.com.
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
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/25/2013 01:30 GMT
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