CGX Energy Files Second Quarter Financial Statements

(TSX-V | OYL) 
TORONTO, July 30, 2014 /CNW/ - CGX Energy Inc. (TSX-V - OYL) announced today 
the release of its unaudited consolidated financial results for the quarter 
ended June 30, 2014, together with its Management Discussion and Analysis.  
These documents will be posted on the Company's website at 
and SEDAR at 
Second Quarter 2014 Overview and Highlights 

        --  Financial Results - The Company recorded net loss of $1,527,658
            or $0.02 a share for the three month period ended June 30,
            2014, compared with $8,548,852 or $0.13 a share for the same
            period in 2013.
        --  Definitive Rig Agreement - In June 2014, the Company entered
            into a definitive rig agreement with Japan Drilling Co., Ltd.
            for the provision of rig services.  Under the terms of the
            agreement, the Company has procured the use of the jack-up
            drilling rig known as the "HAKURYU-12" rig.  In an effort to
            reduce drilling costs, the Company has simultaneously entered
            into a rig sharing agreement with Teikoku Oil (Suriname) Co.,
            Ltd., a wholly-owned subsidiary of INPEX CORPORATION
            ("INPEX").  The Company plans to utilize this rig for the
            drilling of its commitment well under the Company's Corentyne
            petroleum prospecting licence ("PPL") in 2015.
        --  Corentyne Block Update - In June, 2014, the Company received a
            five month extension to its spud date deadline at the Corentyne
            PPL. The Government of Guyana granted approval of an extension
            on the spud date on the first commitment well from May 31, 2015
            to October 31, 2015. The extension was required to ensure that
            the HAKURYU-12 rig will have sufficient time to arrive in
            Guyana prior to the commencement of the weather window.
        --  Successful Injunction against Repsol -In December 2013, the
            Company commenced arbitration proceedings against Repsol
            Exploracion, S.A. ("Repsol") in connection with the expiry of
            the PPL covering the Georgetown Block.  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 PPL covering
            virtually identical acreage offshore in Guyana, which is now
            known as the Kanuku PPL. Furthermore, Repsol was aware of CGX's
            continued interest in the Georgetown PPL and had an obligation
            to seek renewal of the Georgetown PPL alongside CGX.  In
            January 2014, CGX obtained an injunction order from the
            Commercial Court of Guyana restraining Repsol from proceeding
            with the 30% farm-out of the Kanuku PPL to RWE Dea AG or any
            other parties pending the hearing and determination of the
            arbitration proceedings commenced by CGX against Repsol.  As of
            the date hereof, the injunction is still in place.
        --  Strategic Partners and New Initiatives- With the assistance of
            Vector Seismic Data Processing Inc., the Company has completed
            the reprocessing of the seismic data relating to the Corentyne
            PPL and merged the existing seismic surveys.  The Company
            completed the re-interpreting of the seismic data to delineate
            a new prospect on the Corentyne PPL with the assistance of
            Pacific Rubiales Energy Corp. ("Pacific Rubiales") and its
            technical staff.  CGX continues its initiatives to secure a
            Joint Venture Partner for its Corentyne PPL.  In the short
            term, the Company will likely require additional financing and
            seek to widen its shareholder base, but still with a view to
            negotiating farm-out transactions as the primary way to enhance
            shareholder value.
        --  Cost Cutting Initiatives:  General and administration costs
            decreased by $1,648,024 to $362,839 in the three month period
            ended June 30, 2014 from $2,010,863 for the same period in
            2013.  The Company continues to reduce general and
            administrative costs leading up to the drilling of the next
            exploration well at the Corentyne PPL.

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.


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

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. 
 Michael Galego, General Counsel and Secretary at (416) 843-3858 
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