(TSX-V | OYL)
TORONTO, Oct. 1, 2012 /CNW/ - CGX Energy Inc. (TSX-V -
OYL) ("CGX" or the "Company") is pleased to announce that its
wholly owned subsidiary, CGX Resources Inc. has entered into an
agreement that may lead to the farm-out of 5% of its 25%
participating interest in the Georgetown Block to Repsol Exploración S.A.
The agreement is subject to Government of Guyana approval. If approved, the revised
interest, effective September 1,
2012, in the Georgetown Petroleum Prospecting License would
be Repsol Exploración S.A. (20%) as operator, CGX Resources Inc.
(20%), Tullow Oil plc (30%) and YPF Guyana Limited (30%).
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.
Forward-Looking Statements:
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.