CGX Energy Commences Arbitration Proceedings against Repsol

TORONTO, Dec. 23, 2013 /CNW/ - CGX Energy Inc. (TSX:V - OYL) ("CGX Energy" or 
the "Company") announced today that it will commence arbitration proceedings 
against Repsol Exploracion, S.A. ("Repsol") in connection with the expiry of 
the petroleum prospecting license covering the Georgetown Block (the 
"Georgetown PPL"). 
The Company is of the view that the terms of the joint operating agreement 
governing the Georgetown Block were still in effect when Repsol allowed the 
Georgetown PPL to expire and sought out a new petroleum prospecting license 
covering virtually identical acreage offshore in Guyana, which is now known as 
the Kanuku petroleum prospecting license. Furthermore, Repsol was aware of 
CGX Energy's continued interest in the Georgetown PPL and had an obligation to 
seek renewal of the Georgetown PPL alongside CGX Energy. 
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. 
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 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 
securities laws.
 

SOURCE  CGX Energy Inc. 
Suresh Narine, Co-Chairman at (705) 933-8389 orsnarine@cgxenergy.com Michael 
Galego, General Counsel and Secretary at (416) 843-3858 
ormgalego@cgxenergy.com 
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CO: CGX Energy Inc.
ST: Ontario 
-0- Dec/24/2013 02:11 GMT
 
 
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