CGX Energy Inc. TSX VENTURE : OYL

January 22, 2009 17:00 ET

Guyana 3D-Seismic Survey Complete

TORONTO, ONTARIO--(Marketwire - Jan. 22, 2009) - CGX Energy Inc. (TSX VENTURE:OYL) is pleased to announce that shooting of the 1,839 sq km 3D seismic survey on CGX's 25% Georgetown Petroleum Prospecting Licence (PPL) has been completed. Joint Venture Partners in the Georgetown PPL include the Operator, Repsol (15%) and its subsidiary, YPF Guyana (30%), and Tullow Guyana BV (30%). The Georgetown survey was shot jointly with CGX's 505 sq km survey on its 100% owned Corentyne PPL that was completed in December.

Kerry Sully, President & CEO stated, "We are very pleased with the completion of both surveys that were shot by Fugro Geoteam's R/V Geo Pacific and despite a worsening weather window late in the program, the surveys were completed on schedule and on budget. CGX's share of the combined acquisition program is currently estimated to be $15.5 million. Health, safety and environment were a priority and there were no work-related lost time accidents. Almost all of the consumables and critical supplies were sourced in Guyana and onshore logistics were efficiently managed by Fugro with local service provider, Demerara Shipping Company Ltd."

Warren Workman, VP Exploration stated, "Data quality reviewed to date is excellent with minimal noise and early results giving clear images below 30,000 feet. Processing has been on-going since November, with PSTM interpretation expected by the second quarter on the Corentyne PPL. In anticipation that the seismic interpretation will continue to support a drilling commitment on the Corentyne PPL, we are advancing in parallel our well drilling design and environmental assessment study."

CGX Energy Inc. (TSX VENTURE:OYL) is a Canadian-based oil and gas exploration company focused on the exploration for oil in the Guyana basin. CGX is managed by a team of experienced oil and gas and finance professionals from Canada, USA and the UK. CGX is financed internationally and has shareholders worldwide.

Additional information on CGX Energy may also be examined and/or obtained through the internet by accessing CGX Energy's website at www.cgxenergy.com.

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.

Trading Symbol: OYL

Shares Outstanding: 126,144,913

Fully-Diluted: 135,209,913

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