December 14, 2025
CGX Energy Completes $23 Million Bought Deal Financing

NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR DISSEMINATION IN THE US

Toronto, Ontario - CGX Energy Inc. (OYL - TSX-V) is pleased to announce that it has closed its previously announced offering of common shares at $0.90 per share (the "Offering"). Pursuant to the Offering, CGX has issued 25,587,500 common shares (the "Common Shares") of the Company for gross proceeds of $23,028,750 which included the full exercise of the over-allotment option. The Offering was led by Cormark Securities Inc. and included Canaccord Genuity Corp., Macquarie Capital Markets Canada Ltd., GMP Securities L.P. and Toll Cross Securities Inc. (collectively "the Underwriters"). As compensation for their services in connection with the Offering, an aggregate underwriting fee of $1,381,725 was paid to the Underwriters by the Company. Completion of the Offering is subject to receipt by the Corporation of the final approval of the TSX Venture Exchange in connection therewith.

CGX intends to use the net proceeds of the Offering to fund CGX's capital program offshore Guyana and for general corporate purposes.

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

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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 which include, but are not limited to, the timing of closing of the offering, the anticipated use of proceeds and the receipt of the required regulatory and third party approvals.

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, the closing of the offering could be delayed if CGX is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned and the offering will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the offering will not be completed within the anticipated time or at all. The intended use of the net proceeds of the offering by CGX might change if the board of directors of CGX determines that it would be in the best interests of CGX to deploy the proceeds for some other purpose.

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.