CGX Energy Announces Drilling Rig LOI with INPEX and Japan Drilling Co., Ltd.

 CGX Energy Announces Drilling Rig LOI with INPEX and Japan Drilling Co., Ltd.  (TSX-V | OYL)  TORONTO, June 2, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or  the "Company") is pleased to announce that it has entered into a binding  letter of intent ("LOI") with Teikoku Oil (Suriname) Co., Ltd., a wholly-owned  subsidiary of INPEX Corporation ("INPEX" and CGX Energy, the "Rig Sharing  Group"), and Japan Drilling Co., Ltd. ("JDC"), for use of the jack-up drilling  rig known as the "Hakuryu-12" rig.  The LOI forms the basis of the definitive rig agreements between JDC and each  of the members of the Rig Sharing Group.  The members of the Rig Sharing Group  are required to enter into definitive rig agreements with JDC in order to  reduce mobilization and demobilization costs.  The Hakuryu-12 rig will be  delivered to Trinidad between April 1, 2015 and May 1, 2015.  Dewi Jones, Chief Executive Officer of the Company, commented:  "This LOI  represents the next step in drilling at our 100% owned Corentyne Block.  Being  a part of the Rig Sharing Group means that CGX Energy will benefit from  significantly reduced mobilization and demobilization costs typically  associated with offshore drilling. The Hakuryu-12 rig is a jack-up rig that  fits the Company's well design specifications."  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.  About INPEX:  INPEX is the largest Japanese oil & gas exploration and production company  that ranks high among the mid-tier international oil and gas E&P companies  (independents). INPEX is currently carrying out more than 70 oil and natural  gas projects across 28 countries, including two large scale LNG project,  Ichthys LNG Project in Australia and Abadi LNG Project in Indonesia as the  Operator. INPEX aims to become a top class international oil & gas exploration  and production company through sustainable growth in the oil and gas  development business. With natural gas as the core of our business, INPEX will  grow into an integrated energy company by making contributions to a stable  energy supply to broader communities.  About JDC:  JDC is Japan's sole offshore drilling contractor, and has been providing  quality drilling services for more than 40 years. In addition to offshore  drilling services, JDC provides Engineering Services, and R&D in relation to  offshore drilling as well as oil and gas exploration and development, and also  Horizontal Directional Drilling (HDD) services.  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 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 March 5, 2014 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  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  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/June2014/02/c7858.html  CO: CGX Energy Inc. ST: Ontario NI: FIELD ORDER  
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