(TSX-V | OYL)
TORONTO, Sept. 20, 2012 /CNW/ - CGX Energy Inc. (TSX-V - OYL) ("CGX" or the "Company") is pleased to provide an update on activities that are being undertaken towards continued exploration on the Company's Petroleum Prospecting Licenses ("PPL") in Guyana.
Kerry Sully, President and CEO stated, "CGX is negotiating agreements with third parties that may lead to farm-outs on one or more of the Company's PPLs. Under one agreement, the Company will receive minimum non-refundable payments of $4 million in consideration of granting the third party an opportunity to receive and analyze seismic and well data."
On the Company's 25% held Georgetown PPL, CGX is pleased to report that the Government Information News Agency (GINA) issued a press release on September 18th indicating that "Directions have been issued to the Guyana Geology and Mines Commission's Petroleum Division to work with Repsol towards formalising arrangements to facilitate their seamless continuation in exploring the Georgetown Block. The current tenure for this section should expire in late November 2012." The partners to the Georgetown PPL include Repsol Exploración S.A. (15%), as operator, CGX Resources Inc. (25%), Tullow Oil plc (30%) and YPF Guyana Limited (30%). The Company also confirms that formal applications have been submitted to the Government of Guyana for the re-issuance of its operated offshore and onshore PPLs.
Suresh Narine, Chairman added, "The cooperation received from the Government of Guyana on both license re-issues and farm-outs has been of great assistance in advancing these initiatives."
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 Kingdom.
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. More particularly, this press release contains statements that include, but are not limited to, the timing of the advance and related security, the closing of the private placement, the anticipated use of proceeds and the receipt of the required shareholder and stock exchange approvals. 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.
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 three month period ended March 31, 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.
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