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
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.
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 firstname.lastname@example.org Michael
Galego, General Counsel and Secretary at (416) 843-3858
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CO: CGX Energy Inc.
-0- Dec/24/2013 02:11 GMT
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