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.

For further information:

Suresh Narine, Co-Chairman at (705) 933-8389 or snarine@cgxenergy.com
Michael Galego, General Counsel and Secretary at (416) 843-3858 or mgalego@cgxenergy.com