TSX-V | OYL
TORONTO, Feb. 13, 2013 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX" or
the "Company") is pleased to announce that the Government of Guyana has
issued two new petroleum prospecting licenses, one to CGX Resources
Inc., a wholly owned subsidiary of CGX and one to ON Energy Inc. ("ON
Energy"), a 62% owned subsidiary of CGX, both effective as of February
12, 2013 and renewable after four years for up to ten years.
The new Demerara petroleum agreement ("Demerara PA") and petroleum
prospecting license ("Demerara PPL") applies to the former offshore
portion of the Annex PPL, covering 3,975 square kilometres, which was a
subset of the Company's original Corentyne Petroleum Agreement. Under
the terms of the new Demerara PA, and during the initial period of four
years, CGX has an obligation to conduct a 3D seismic survey comprising
a minimum of 1,000 square kilometres and to drill one exploration well.
The new Berbice petroleum agreement ("Berbice PA") and petroleum
prospecting license ("Berbice PPL") applies to the former Berbice
license comprising 1,566 square kilometres (971 square kilometres net)
and the former onshore portion of the Company's original Corentyne
Petroleum Agreement comprising 1,729 square kilometres (1,072 square
kilometres net) for total onshore acreage of 3,295 square kilometres.
Under the terms of the new Berbice PA and during the initial period of
four years, ON Energy has an obligation to conduct an airborne survey
comprising a minimum of 1,000 square kilometres and either conduct a 2D
seismic survey comprising a minimum of 100 square kilometres or drill
one exploration well.
Kerry Sully, President and CEO, stated, "CGX has identified leads on the
Demerara PA that will require 3D seismic to enhance to prospect status.
The licence straddles a portion of the current continental shelf and is
updip from a 3D seismic program recently shot by Exxon and Shell in the
adjoining Stabroek PA. On the Berbice PA, the main exploration targets
are stratigraphic traps similar to the Tambaredjo and Calcutta
heavy-oil fields onshore Suriname. Staatsolie Maatschappij Suriname
N.V. estimates original oil-in-place of more than a billion barrels in
these fields, with remaining proved reserves at the end of 2011 of 77
million barrels after 30 years of production."
Professor Suresh Narine, Executive Chairman, stated, "The issuance of
the new Demerara PPL and Berbice PPL by the Government of Guyana to CGX
is a further endorsement of the important role CGX plays in a
realization of the petroleum potential of the Guyana Suriname basin. On
behalf of our shareholders, management, staff and board, I would like
to thank the Government and people of Guyana for their continued
confidence in CGX, the Company that has been the most active explorer
in Guyana over the last 15 years. Our acreage position in the basin on
the Corentyne PA issued in November 2012 and these new licenses
positions CGX with a diversity of exciting prospects which means we
will be aggressively engaged in the basin for some time to come."
About CGX Energy
CGX is a Canadian-based oil and gas exploration company focused on the
exploration of oil in the Guyana-Suriname Basin, an area in which the
United States Geological Survey estimated a Pmean oil resource
potential of 13.6 billion barrels in their Assessment of Undiscovered
Conventional Oil and Gas Resources of South America and the Caribbean,
2012. CGX is managed by a team of experienced oil and gas and finance
professionals from Guyana, Canada, the United States and the United
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"
The forward-looking statements are based on certain key expectations and
assumptions made by CGX. Although CGX believes that the expectations
and assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the forward-looking
statements because CGX can give no assurance that 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
to other risks that may affect the forward-looking statements in this
press release and those set out in CGX's management discussion and
analysis of the financial condition and results of operations for the
year ended December 31, 2011 and the nine month period ended September
30, 2012 as well as the Company's Annual Information Form dated and
filed on July 13, 2012.
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:
Kerry Sully, President and CEO
(604) 733-9647 or firstname.lastname@example.org
Charlotte May, Communications Manager
(416) 364-3353 or email@example.com