CGX Energy Announces Changes to its Board of Directors

TORONTO, Dec. 21, 2016 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX Energy" or the "Company") announced today that Messrs. Ronald Pantin, Serafino Iacono, Marino Ostos, and Michael Galego (collectively, the "Pacific Nominees") have all resigned as members of the board of directors of the Company (the "Board"), effective November 30, 2016. The Company would like to thank the Pacific Nominees for their contributions.

The Company is pleased to announce the appointments of Messrs. Daniel A. Gillett and Erik Lyngberg to the board of directors effective immediately and subject to applicable regulatory approval. Mr. Gillett will serve as Co-Chairman of the Board, along with Professor Suresh Narine.

Mr. Lyngberg is a seasoned senior executive with more than 30 years of experience within the global oil and gas industry. He started his career in 1984 at Shell's E&P business working on a variety of exploration projects in Alberta and the Mackenzie Delta region. Afterwards, he worked at numerous oil and gas companies serving in a number of various technical positions including exploration and development, tar sands, exploitation, coal bed methane, business development and asset valuation. Since 2008, Mr. Lyngberg has been primarily focused on exploration and production activities in South America. From August, 2008 to November, 2013, Mr. Lyngberg held various senior executive roles with Petrominerales Ltd., including Senior Vice President, Exploration. In November, 2013, Mr. Lyngberg joined Pacific Exploration & Production Corporation ("Pacific") as Vice President, Technical and was been responsible for, among other things, managing Pacific's technical office in Calgary. Mr. Lyngberg has recently been appointed Corporate Vice President, Exploration. Mr. Lyngberg holds a Master's degree in Geology and a Bachelor's degree from the University of British Columbia.

Mr. Gillett, Managing Director and Founding Partner at Blackhill Partners, is an accomplished investment banker and restructuring executive with over 30 years of experience, with an emphasis on financially distressed situations. Since co-founding Blackhill Partners in 1995, Mr. Gillett has specifically focused on developing strategies to improve operating results and restructure obligations of financially distressed clients, while successfully executing recapitalization or sales processes, both in and out of a formal court process. During his career, Mr. Gillett has been involved in over U.S.$20 billion in transactions in a diverse group of industries including oil and gas exploration and production, manufacturing, distribution, infrastructure development, software, telecommunications, oil field services, media, information technology, travel and restaurants, including assignments in the U.S., Europe, Australia and Latin America.  Prior to co-founding Blackhill Partners, Mr. Gillett served as a Vice President in investment banking with CS First Boston (n/k/a Credit Suisse).  While at First Boston, the majority of his efforts were focused on transactions in both the upstream and downstream segments of the oil and gas industry.  Dan began his business career at Price Waterhouse where he was a certified public accountant in the firm's audit practice and also worked with PepsiCo, Inc. as a senior auditor.  Mr. Gillett received his MBA degree from Harvard Business School with emphasis in finance and a BBA degree in Accounting from Harding University.  He has also earned the Certified Public Accountant designation.

Professor Suresh Narine, Co-Chairman of the Company, commented: "The Board thanks the outgoing board members and wishes them success in their future endeavours. We welcome Mr. Lyngberg and Mr. Gillett to the current Board and believe that both Mr. Lyngberg and Mr. Gillett bring a wealth of knowledge and experience that will be beneficial to the Company. The Board is also encouraged by the successful restructuring of our major shareholder, Pacific, and looks forward to working with our re-constituted board to pursue success in the Guyana-Suriname basin."

On November 2, 2016, Pacific, the Company's largest shareholder, implemented a plan of compromise and arrangement pursuant to the Companies' Creditors Arrangement Act (Canada) in connection with a comprehensive financial restructuring transaction. Further information on the Pacific's restructuring transaction is disclosed in Pacific's news release dated November 2, 2016.

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 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 April 29, 2015 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: Brooks Lyons, Manager, Commercial & Business Development at (832) 300-3200 or blyons@cgxenergy.com

RELATED LINKS
http://www.cgxenergy.com

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