(TSX-V | OYL)
TORONTO, Oct. 24, 2013 /CNW/ - CGX Energy Inc. (TSXV: OYL) ("CGX Energy" or the "Company") announced today the release of its unaudited consolidated financial
results for the quarter ended September 30, 2013, 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.
Third Quarter 2013 Overview and Highlights
CGX Energy reported a net gain of $10,220,761 or $0.13 per share for the
three month period ended September 30, 2013, compared with a net loss
of $4,250,877 or $ 0.11 a share for the same period in 2012. The
increase from prior year is due to a non-cash gain as result of the
revaluation of the Company's existing warrants.
During the third quarter, CGX Energy continued to focus on cost cutting
initiatives and as a result the Company's general and administrative
costs have decreased by $442,770 from $1,075,832 to $633,762. Excluding
one-off items, management and consulting fees would have also decreased
by approximately $150,000 for the three-month ended September 30, 2013.
Overall, the Company expects its average monthly expenditures to be
within the range of $300,000 - $350,000 per month during non-drilling
The Company continues to actively pursue strategic joint venture
partners for all three of its petroleum prospecting licenses in Guyana
and has a technical data room open at its Houston office.
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 securities laws.
SOURCE: CGX Energy Inc.
For further information:
Suresh Narine, Co-Chairman at (705) 933-8389 or firstname.lastname@example.org
Michael Galego, General Counsel and Secretary at (416) 843-3858 or email@example.com