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.
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 email@example.com
Michael Galego, General Counsel and Secretary at (416) 843-3858 or firstname.lastname@example.org