July 16, 2007

CGX Grants 1,650,000 Options

Toronto, Ontario - CGX Energy Inc. (OYL.U - TSXV) announces that it has granted, pursuant to its stock option plan, to directors, management and consultants of the Company an aggregate of 1,650,000 stock options.  Each such stock option entitles the holder to purchase one common share of the Company at a price of US$1.20 until July 13, 2012.

CGX Energy is a Canadian-based oil and gas exploration company focused on the exploration for oil in the 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.

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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 DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.