(TSX-V | OYL)
TORONTO, Oct. 2, 2013 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or the "Company") is pleased to provide the following update on its activities relating
to the continued exploration on the Company's Petroleum Prospecting
Licenses ("PPLs") in Guyana.
Joint Venture Initiatives
CGX Energy continues to actively pursue strategic joint venture partners
for all three of its PPLs and has a technical data room open at its
Houston office. As part of the joint venture process, the Company is
currently preparing to re-process a portion of its 3D seismic data set
for the Corentyne Block, which should be completed by year-end.
In addition, the Company has granted Repsol Exploracion, S.A. permission
to acquire seismic data in portions of the Corentyne Block when
acquiring a new 3D seismic survey in the Kanuku Block during the fourth
quarter of 2013. The data acquired in the Corentyne Block during this
survey will be provided to the Company at no additional cost.
Cost Cutting Initiatives
During the third quarter, CGX Energy continued to focus on cost cutting
initiatives in order to reduce the size of the Company to better
reflect current operations. As a result of these initiatives, the
Company's general and administrative costs have decreased by
approximately 30% on a per month basis, since April, 2013.
On July 9, 2013, the Company completed the consolidation of its issued
and outstanding common shares (the "Common Shares"). The Common Shares were consolidated on the basis of 10
pre-consolidation shares for each post-consolidation share.
Dewi Jones, Chief Executive Officer of the Company, commented:
"CGX Energy is undergoing a transformation in preparation for the next
stages of exploration in Guyana. By leveraging the technical expertise
of Pacific Rubiales in Latin America, we believe that we can secure new
joint venture partners to develop our extensive offshore acreage. With
our lower costs and improved capital structure, the Company is well
positioned for the future. We are excited about the progress we have
made thus far and look to end the year stronger than when we entered
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 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 June 10, 2013 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.
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