TORONTO, ONTARIO, Jan. 7, 2010 (Marketwire) -- CGX Energy Inc. (TSX VENTURE:OYL) ("CGX" or the "Company") is pleased to announce that the parties to the Georgetown Petroleum Prospecting Licence, including CGX Resources Inc, a wholly owned subsidiary of CGX Energy Inc., have renewed the Georgetown Petroleum Prospecting License (PPL) offshore Guyana and have entered into the Second Renewal Period.
The parties to the Georgetown PPL are Repsol Exploracion S.A (15%), being the Operator, along with YPF Guyana Limited (30%), Tullow Guyana BV (30%) and CGX Resources Inc. (25%). During the first 18 months of the Second Renewal Period there is a Minimum Work Commitment of one exploration well. In transition to the Second Renewal Period, and as required by the Georgetown PPL, approximately 30% of the area under contract has been relinquished back to the Government. Processing and interpretation of the recently acquired 1,839 sq km 3D seismic is well advanced for the selection of the location for the commitment well.
Kerry Sully, President and CEO of CGX stated,
"On November 21, 2009, CGX announced it was scheduled to drill on its 100% Corentyne PPL during the second half of 2010. With the renewal of the Georgetown PPL, CGX will be participating in a second well in the basin."
CGX Energy is a Canadian-based oil and gas exploration company focused on exploration for oil in Guyana. CGX is managed by a team of experienced oil and gas and finance professionals from Canada, U.S.A. and the UK. CGX is financed internationally and has thousands of shareholders worldwide.
This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of Management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the oil and gas industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of CGX Energy Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of CGX Energy Inc. to fund the capital and operating expenses necessary to achieve the business objectives of CGX Energy Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by CGX Energy Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of CGX Energy Inc. should not place undue reliance on these forward-looking statements. Statements in relation to "resources" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the resources described will e discovered and can be profitably produced in the future.
Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained in this press release or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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