March 22, 2007

CGX Energy Announces US$8 Million Private Placement

Toronto , Ontario - CGX Energy Inc. (OYL.U - TSXV) is pleased to announce that it has entered into an agreement with a syndicate of Agents led by Sprott Securities Inc. and including Fraser Mackenzie Limited (the "Agents") pursuant to which the Agents are appointed exclusive agents to raise up to US$8 million in common shares on a best efforts basis.

Net proceeds of the offering will be used to continue the exploration on the Company's three offshore Guyana Licenses and for general corporate purposes.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an application exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

CGX Energy is a Canadian-based oil and gas exploration company focused on exploration for oil in Guyana, South America.  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.

For further information please contact:

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THIS PRESS RELEASE WAS PREPARED BY CGX ENERGY INC., WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY.  THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.