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 www.cgxenergy.com  and SEDAR at www.sedar.com.  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.  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.   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/July2014/30/c9088.html  CO: CGX Energy Inc. ST: Ontario NI: ERN  
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