November 7, 2007

CGX Energy Announces Closing of US$35 Million Financing

Toronto, Ontario - CGX Energy Inc. (OYL.U - TSX-V) is pleased to announce that it closed its previously announced private placement financing (the "Offering"). Pursuant to the Offering, CGX issued 17,500,000 common shares of the Corporation at a price of US$2 per share for gross proceeds of US$35 million, which amount includes the $5 million over-allotment fully-exercised by the underwriters. The Offering was underwritten by a syndicate of underwriters led by Cormark Securities Inc. and including Jennings Capital Inc., Fraser MacKenzie Limited, Toll Cross Securities Inc., Brant Securities Inc., and Alexander Capital Group Inc. (collectively the "Underwriters"). As compensation for their services in connection with the Offering, the Underwriters were paid an aggregate cash commission of US$2.1 million.

The common shares issued pursuant to the Offering will be subject to a four-month hold period which expires on March 7, 2008.  Completion of the Offering is subject to receipt by the Corporation of the final approval of the TSX Venture Exchange in connection therewith.

Kerry Sully, President & CEO stated:

"We're pleased that the underwriters have closed this financing and exercised their option to subscribe for an additional 2.5 million shares. It will give us added flexibility to continue the exploration on our three offshore Guyana licenses and for general corporate purposes."

CGX 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.

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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 common shares issued under the Offering in any jurisdiction in which such offer, solicitation or sale would be unlawful. The common shares have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

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